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VN stocks slow gains down on economic worries
Vietnam News - 6/6/2019 1:30:11 PM
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Vietnamese shares gained slower on Wednesday afternoon as a lack of supportive information and worries about global economy recession weighed on the market sentiment.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange inched up 0.03 per cent to close at 951.41 points.
 
The VN-Index gained as much as 0.76 per cent during the day. It rose 0.50 per cent on Tuesday.
 
The market is missing much needed information that is strong enough to boost morale, according to Sài Gòn-Hà Nội Securities (SHS).
 
The US central bank Fed’s decision to lower interest rates in 2019 hardly had any positive impact on the Vietnamese market, SHS said in its daily report.
 
The decline of trading liquidity proved domestic investors were getting bored with the current market condition and they were trying to run away from local stocks, SHS added.
 
Nearly 131.6 million shares were traded on the southern bourse, worth VNĐ2.7 trillion (US$116 million).
 
The figures were down 19 per cent in volume and 19.4 per cent in value from Tuesday.
 
The weak market confidence sent the large-cap VN30-Index down 0.08 per cent to 863.69 points at the end of the day.
 
Weighing on the large-cap basket were Eximbank (EIB), steel producer Hòa Phát Group (HPG), VPBank (VPB), Vietcombank (VCB) and Military Bank (MBB).
 
The five large-cap stocks dropped between 0.5 per cent and 3.5 per cent.
 
Their declines outweighed the growth of other stocks such as real estate firm Vingroup (VIC), DHG Pharmaceutical JSC (DHG) and retailer Mobile World (MWG).
 
On a sector basis, property, retail, rubber, technology and plastic sector indices advanced between 0.7 per cent and 2.7 per cent, data on vietstock.vn showed.
 
Wednesday increase might be a technical recovery only and it remained uncertain that the stock market had overcome its downtrend, according to Thành Công Securities Co (TCSC).
 
The unpredictability of the US-China trade war and worries over the global economic development would continue overshadowing the market performance, TCSC said.
 
The stock market would need to go through some more falling sessions to consolidate before rising again, TCSC added.
 
On the Hà Nội Stock Exchange, the HNX-Index edged up 0.47 per cent to end at 103.54 points.
 
The northern market index had fallen total 2.14 per cent in the previous four trading days.
 
More than 20.3 million shares were traded on the northern bourse, worth VNĐ240.7 billion. — VNS
 
 
Read original article here
 
Newer News
12/12 Bank stocks push market up
11/12 Shares slide as selling force rises
09/12 VN stocks to head up in December, trade war concerns expected
06/12 VN stocks step down as confidence fades on lack of news
04/12 VN stocks decline for a second day
03/12 VN stocks suffer a sudden drop in the afternoon
02/12 Bottom fishing may push shares up slightly
29/11 Shares drop after two-day rise
28/11 Shares gain but selling pressure still high
27/11 Billions of shares pending for HoSE listing
Older News
05/06 Shares recover on bottom fishing
04/06 Trade war fears darken VN stocks
01/06 Shares fall for four consecutive sessions
30/05 VN shares mixed as world markets remain volatile
29/05 Markets fall after ETF reviews portfolio
28/05 VN markets mixed on continued trade worries
27/05 More purchases of small stocks this week: analysts
25/05 VN stocks tumble on international pressure
24/05 VN stocks largely spared from trade war worries
23/05 VN stocks fall for a second day
 
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