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VN stocks dive further on low confidence
Vietnamese shares tumbled on Wednesday morning with low trading liquidity amidst poor investor sentiment, driven down by underperforming blue chips.
The benchmark VN Index on the HCM Stock Exchange fell 1.83 per cent to close at 894.45 points. It had declined by a total of 0.7 per cent in the previous two sessions.
The HNX Index on the Ha Noi Stock Exchange put an end to its rally by dropping 2.19 per cent to end at 99.40 points. It had gained a total of 5.4 per cent in the previous three days.
More than 91.5 million shares were traded on the two local exchanges, worth VND2 trillion (US$90 million).
The market breadth was negative as the number of decliners was four times that of gainers, by 283 to 73, indicating investor confidence was quite low.
Large-cap stocks had a bad trading session in the morning as the blue chip VN30 Index lost 1.77 per cent to reach 882.11 points, with 27 of the 30 largest stocks by market capitalisation falling.
Among decliners were Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID), Saigon Securities Inc (SSI), petrol company Petrolimex (PLX) and budget carrier Vietjet (VJC).
The banking-financial and energy industries were also among the worst-performing sectors in the morning. Their industry indices dropped between 1.4 per cent and 4.3 per cent, according to vietstock.vn.
The afternoon trading session starts at 1pm.
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