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Markets fall on weak cash flow
Vietnamese markets fell on Tuesday due to low liquidity as the market remained short on cash flow.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange slid 0.28 per cent to close at 960.13 points.
More than 164 million shares were traded on the southern bourse, worth VND3.6 trillion (US$154 million).
The index inched up 0.38 per cent on Monday to close at 962.85 points.
In the morning, the VN-Index decreased with the selling pressure focused on blue chips such as PetroVietnam Gas JSC (GAS), Vietnam National Petroleum Group (PLX) and Hoa Phat Group (HPG). The three stocks all lost 1 per cent.
In the afternoon, the selling pressure continued to increase among banking stocks such as Vietcombank (VCB), down 0.8 per cent; Bank for Investment and Development (BID), down 1.5 per cent; Techcombank (TCB), down 0.7 per cent; Vincom Retail (VRE), down 0.6 per cent; and Phu Nhuan Jewelry (PNJ), down 1.2 per cent.
Bao Minh Insurance Corporation (BMI) increased by 5.5 per cent to VND26,000 per share after SCIC Investment (SIC), a subsidiary of the State Capital Investment Corporation (SCIC), registered to buy 1 million shares.
Foreign investors ended net sellers on HOSE, offloading VND57.78 billion with a focus on The Thanh Thanh Cong Sugar Joint Stock Company (SBT) (VND28.34 billion), Bien Hoa Packaging Company (SVI) (VND20.93 billion) and dairy firm Vinamilk (VNM) (VND18.65 billion). In addition, they sold a net value of VND3.56 billion on the HNX.
According to BIDV Securities Company (BSC), the domestic market had a correction session due to profit taking pressure along with low liquidity, showing a cautious sentiment as investors waited for movements in external markets based on tension between the US and Iran and the Fed's focus on cutting interest rates, as well as information about Q2 business results, the G20 summit, the OPEC+ production meeting and the US-China trade war.
The large-cap VN30-Index lost 0.05 per cent to end the session at 868.50 points. Performance was mixed with 10 gainers and 16 decliners, while four stocks ended flat.
On the Ha Noi Stock Exchange, the HNX-Index lost 0.60 per cent to end at 104.15 points.
Nearly 24.9 million shares were exchanged on the northern market, worth VND449 billion.
The UPCoM Index on the Unlisted Public Company Market gained 0.09 per cent to close Tuesday at 55.20 points.
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