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Markets fall on weak cash flow
Vietnam News - 6/26/2019 12:55:27 PM
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Vietnamese markets fell on Tuesday due to low liquidity as the market remained short on cash flow.
The benchmark VN-Index on the Hồ Chí 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 VNĐ3.6 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 Hòa Phát 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 Phú Nhuận Jewelry (PNJ), down 1.2 per cent.
Bảo Minh Insurance Corporation (BMI) increased by 5.5 per cent to VNĐ26,000 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 VNĐ57.78 billion with a focus on The Thành Thành Công Sugar Joint Stock Company (SBT) (VNĐ28.34 billion), Biên Hòa Packaging Company (SVI) (VNĐ20.93 billion) and dairy firm Vinamilk (VNM) (VNĐ18.65 billion). In addition, they sold a net value of VNĐ3.56 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 Hà Nội 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 VNĐ449 billion.
The UPCoM Index on the Unlisted Public Company Market gained 0.09 per cent to close Tuesday at 55.20 points. — VNS
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