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VN stocks fall as investors face uncertainties
Vietnam News - 8/28/2019 1:07:42 PM
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Vietnamese shares reversed to negative territory at the end of Tuesday as investors wanted to exit from local assets amid worries about the uncertainty of the global markets.
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange fell 0.62 per cent to close at 976.79 points after having gained as much as 0.57 per cent during the day.
The index lost 0.96 per cent on Monday on worries about the escalation of the US-China trade war and its impact on global economic growth.
The benchmark index opened Tuesday on a high note but worries about the world’s economy and global markets made it decline towards the end of the day, according to Thành Công Securities Co (TCSC).
Dragging the stock market down included insurance, property, securities, technology, banking, food and beverage, agriculture and retail sectors.
The sector indices fell between 0.9 per cent and 1.8 per cent, data on showed.
Large-cap stocks were hit by strong selling as the blue chip VN30-Index lost 0.62 per cent to end at 886.91 points.
In the VN30 basket, 18 of the 30 largest stocks by market capitalisation and trading liquidity declined while only nine increased.
Large-cap gainers were brewer Sabeco (SAB), retailer Mobile World Investment (MWG), realty firm Vingroup (VIC), dairy producer Vinamilk (VNM), Vietcombank (VCB), Masan (MSN), tech group FPT (FPT) and insurer Bảo Việt (BVH).
Investors remained cautious at the moment and some tried to escape the market to prepare for the uncertainty of global financial and economic developments ahead, TCSC said in its daily report.
Investors looked to exit large-cap stocks, however, a part of the capital turned to mid-cap shares to raise the VNMID-Index up 0.20 per cent to 963.79 points at the end of the day.
Purchases of mid-cap stocks proved there were still some opportunities amid the market slowdown, TCSC said.
Much of investors’ attention was paid to industrial realty and seaport operation that had been supported by the prospects of those sectors amid the ratification of trade deals between Việt Nam and foreign partners, TCSC added.
According to Sài Gòn-Hà Nội Securities (SHS), the biggest challenge for the Vietnamese and global stock markets now is the economic battle between the US and China, which could have unexpected impacts on the global economy.
The stock market was going through a sensitive period with investors being very careful with every decision, SHS said.
The VN-Index may struggle between 975 points and 981 points in the next day, SHS forecast.
On the Hà Nội Stock Exchange, the HNX-Index inched up 0.05 per cent to end at 102.86 points.
The northern market index dropped 0.43 per cent in the previous session.
Market trading liquidity depleted on both local exchanges with total 212.8 million shares being traded, worth VNĐ4.92 trillion (US$211.5 million). – VNS
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