Money keeps leaving market

Shares underperformed on Monday as money continued to leave the market in face of a downtrend.

Money keeps leaving market

Viet Nam’s benchmark VN-Index on the HCM Stock Exchange closed down 2.46 per cent at 1,014.98 points. The southern market index decreased 0.4 per cent last week.

On the Ha Noi Stock Exchange, the HNX-Index edged down 1.33 per cent to end Monday at 119.66 points. The northern market index lost more than 1.2 per cent the previous week.

Monday’s trade was similar to previous sessions as weak demand promoted strong supply, especially in leading stocks like VinGroup (VIC), dairy firm Vinamilk (VNM), PV Gas (GAS) and insurer Bao Viet Holdings which slumped between 3-7 per cent each.

The decline of nearly 7 per cent of VinGroup was unexpected as the conglomerate has just announced its revenue and profit growth targets of 34 per cent and 50 per cent, respectively, as well as dividend plan of 21 per cent in the second quarter.

In the VN30 basket which tracks the top 30 largest shares by market value and liquidity on the HCM Stock Exchange, 25 stocks lost while only five gained.

Banks and securities companies were among the biggest losers with Vietcombank (VCB), Vietinbank (CTG) and BIDV (BID) – the top three biggest lenders by market value and assets – tumbled 1.4 per cent, 2.2 per cent and 4.4 per cent, respectively.

Vietcombank and BIDV have declined for four sessions in a row.

“Selling pressure increased in the last minutes today, increasing the risk of the VN-Index breaking down the old bottom below 1,000. Low liquidity was still raising concern among investors in the market,” said Tran Hai Yen, a stock analyst at Bao Viet Securities Company (BVSC).

More than 158 million shares worth VNĐ4.24 trillion (US$186 million) were traded in the two markets, down 35.8 per cent in volume and 61.5 per cent in value compared with last week’s average daily volume and value.

Money fled the market while supply was increasing after the market moved sideways over the past two weeks, Yen said.

Foreign investors continued to sell, with a net sell value of nearly VNĐ440 billion on the two exchanges, focusing on blue chips including VinGroup, Vincom Retail and Vinamilk. – VNS

Other news

Most view

Cao Lanh mango (Source: Internet)

Dong Thap strives to turn mango into key export product

The Mekong Delta province of Dong Thap, the largest mango producer in the region with 9,200 hectares of mangos and a annual output of nearly 100,000 tonnes, is working to turn mango into a sustainable hard currency earner by 2020.


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Vocarimex plans to expand export markets

The Vietnam Vegetable Oil Industry Corporation -Vocarimex (code: VOC) has set its target the 2018 revenue will reach VND 4,8trillion, an increasing of 9 percent compared to 2017 and pre-tax profit target will be VND 300 billlion ($ 13 million), dividend payment ratio at 12 percent.


Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.