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Shares slump on cautious sentiment over volatile global market
Vietnamese shares ended lower on Wednesday as investors shunned risky assets on worries about volatile global markets after aggressive interest rate hikes.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index declined 1.33 per cent to end at 1,213.93 points.
The index had risen 0.27 per cent to end Tuesday at 1,230.31 points.
More than 688 million shares were traded on the southern bourse, equivalent to VND14.5 trillion (US$624.5 million).
Market breadth was negative with 373 losers and 93 gainers.
“Negative movements of the international stock market had a negative impact on the short-term trend of Viet Nam's stock market,” said Nguyen The Minh, Securities Director of Yuanta Vietnam.
Investors became cautious after information about higher-than-forecast inflation. The US’ Fed will speed up tightening monetary policy to fight inflation, he said. Besides, the dollar rising again caused pressure on prices.
Banking deposit rates have also increased. Investors are also concerned about the cash flow seeking safer investment opportunities in the face of market fluctuations.
"The recent rising period is just the recovery p after a strong downside wave. The mid-term trend of the general market remains down. In the short-term, the VN-Index is likely to retest the old bottom in the next few sessions. Investors should still prioritise a defensive strategy,” Minh said.
Most banking stocks suffered selling pressure with losers including Military Bank (MBB), Techcombank (TCB), Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), VietinBank (CTG), Vietnam International Commercial JS Bank (VIB) and Saigon-Hanoi Commercial JS Bank (SHB).
The only gainer in the group was Tien Phong Bank (TPB).
Energy stocks recovered from the previous session with gainers such as Viet Nam National Petroleum Group (PLX), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).
The 30 biggest stock tracker VN30-Index decreased 0.64 per cent, to end at 1,253.09 points.
In the basket, six stocks climbed, and 22 slid, the other two were flat.
On a sector basis, 15 out of 25 sector indices on the stock market gained ground, including insurance, retail, oil and gas, banking, wholesale, construction, rubber production, IT and logistics.
Losers, meanwhile, included agriculture, real estate, securities, food and beverage, and construction materials.
On the Ha Noi Stock Exchange (HNX), the HNX-Index lost 2.35 per cent, to end Wednesday at 283.25 points.
The northern market index had gained 0.59 per cent, to end Tuesday at 290.08 points.
Over 69.3 million shares were traded on the northern exchange, worth VND1.4 trillion.
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