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Local stocks decline as real estate outweighs securities
Local shares fell on Tuesday as 'Vin' companies declined and outweighed the strong gains of brokerage firms.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange fell 0.35 per cent to end at 868.20 points.
The VN-Index stepped down from a three-day increase of a total 1.97 per cent between June 18 and June 22.
After struggling to stay positive in the morning session, the market suffered from stronger profit-taking and dipped as much as 0.83 per cent in the afternoon.
'Vin' companies hurt the market on Tuesday, pulling the real estate sector index down 2.3 per cent, according to vietstock.vn.
Shares of Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) – three of the 10 largest stocks by market capitalisation – lost between 0.8 per cent and 2.8 per cent.
The three stocks also helped drag the blue-chip tracker VN30-Index down 0.29 per cent to 807.61 points. Meanwhile, mid-cap and small-cap trackers rose 0.26 per cent and 0.18 per cent, respectively.
Other sectors that also saw shares decline included banking, health care and pharmaceuticals, retail, seafood, construction materials and rubber.
On the positive side, securities stocks rose to cushion the market with the sector index soaring 5.7 per cent, according to vietstock.vn.
The best gainers among brokerage firms were SSI Securities (SSI), HCM City Securities (HCM), VietCapital Securities (VCI), VNDirect Securities (VND) and MB Securities (MBS).
Technology, consumer staples, construction and mining and energy were among other sectors that progressed on Tuesday.
On the Ha Noi Stock Exchange, the minor HNX-Index slid 0.08 per cent to finish at 114.63 points after having gained as much as 0.86 per cent during the day.
The HNX-Index fell 0.55 per cent on Monday.
Nearly 526 million shares were traded on local markets, worth nearly VND7.5 trillion (US$323 million).
Foreign investors net-sold a total of VND140.4 billion worth of local shares on Tuesday – fivefold the figure recorded on Monday.
Tuesday’s slight decline with the mixed performance of the large-cap sector showed local stocks were consolidating at the current zone, Sai Gon-Ha Noi Securities (SHS) said in its daily report.
The July expiring VN30 futures was 11.61 points below the VN30-Index’s end and that indicated investors were still pessimistic about the market’s short-term growth, the company said.
Tuesday’s decline was expected to have little impact on the VN-Index climbing back to its last peak of 900 points, MB Securities Co (MBS) said.
Expected better performance of European stocks in overnight trading would help bolster market sentiment on Wednesday, the company said.
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