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Markets decline on rubber, retail stocks
Shares went on a downward spiral again on Thursday morning after a brief recovery on Wednesday, as big companies in the retail, rubber and plastic sectors tumbled.
The VN Index on the HCM Stock Exchange dropped 1 per cent to 763.83 points.
On the Ha Noi Stock Exchange, the HNX Index went down 0.74 per cent to 98.08 points.
Rubber, retail and plastics shares were badly hit, with an average drop of 2.3 per cent, 1.3 per cent and 1.2 per cent, respectively, data on vietstock.vn showed.
Large retailers such as Mobile World Group (MWG) and FPT Corp (FPT), two of the top 30 shares by market value and liquidity on the HCM exchange, fell 1.6 per cent and 1.1 per cent, respectively.
Sao Vang Rubber (SCR), Da Nang Rubber (DRC), Southern Rubber Industry (CSM), Rang Dong Plastic (RDP), Binh Minh Plastic (BMP) and Dong A Plastic (DAP) slipped 1-6 per cent.
Large-cap stocks continued to slide down, with 19 of the top 30 shares by market value and liquidity on the HCM City exchange losing value; only five advanced.
Overall, the market breadth was negative with 310 stocks falling, 123 rising and 277 remaining unchanged.
A total of 143 million shares worth a combined VND2.3 trillion (US$100 million) were traded in the two markets.
The afternoon session starts at 1pm.
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