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VN stocks step down on lack of support
Vietnam News - 9/26/2019 3:21:30 PM
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Vietnamese shares slid on Wednesday as investors were holding back ahead of third-quarter corporate earnings.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange inched down 0.08 per cent to close at 987.0 points.
The VN-Index rose 0.24 per cent on Tuesday.
More than 171.5 million shares were traded on the southern market, worth VNĐ3.63 trillion (US$256 million).
The trading figures increased in volume but fell in value compared to the previous day.
Investors were unwilling to participate in the market trading ahead of the July-September earnings season, Thành Công Securities Co (TCSC) said in its daily report.
Their caution may continue keeping stocks differentiated in the short term until earnings reports for the third quarter of the year are fully released, the company added.
The three market indices that classify southern-listed stocks by market value and trading liquidity were up between 0.13 per cent and 0.42 per cent, data on showed.
The large-cap VN30-Index gained 0.18 per cent, driven by retailer Mobile World (MWG), tech group FPT Corp (FPT), Bank for Investment and Development of Vietnam (BID), and building contractor Coteccons (CTD).
Shares of FPT Corp, retailer Mobile World and builder Coteccons boosted their industry indices 1.9 per cent, 2.6 per cent and 1.2 per cent, respectively.
Those companies are listed among those expected to deliver growth rates in Q3 earnings in the next few weeks.
Meanwhile, shares of the Bank for Investment and Development of Vietnam (BIDV) advanced 1.1 per cent after the bank chairman Phan Đức Tú told local media that BIDV in October will receive income from selling shares to the South Korean lender KEB Hana Bank.
In late July, the bank’s board of directors approved the plan to privately transfer 603.3 million shares to KEB Hana Bank for nearly VNĐ20.3 trillion.
After the deal, BIDV will raise its charter capital to VNĐ40.2 trillion from VNĐ34.2 trillion and the Government will slash its stake in the bank by 14.2 per cent to 80.8 per cent.
Other sectors that weighed on the market were insurance, agriculture, seafood processing and real estate.
Investors chose to stand out and gave very little support to the market, Sài Gòn-Hà Nội Securities (SHS) said in a note.
If there is no big news, the VN-Index will continue struggling between 983 points and 990 points in the next few days, the company forecast.
On the Hà Nội Stock Exchange, the HNX-Index went down 0.19 per cent to end at 103.81 points.
The northern market index fell 0.36 per cent on Tuesday.
More than 33 million shares were traded on the Hà Nội market, worth VNĐ396.6 billion. — VNS
Read original article here
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29/06 July to be a hard month for Vietnamese shares
27/06 VN stocks end week lower on large-cap decline
26/06 VN stocks drop for a third day
18/06 Shares retreat on divergence of large-caps
18/06 Decree drafted to empower SSC to halt market trading
16/06 Shares suffer virus second-wave fears
15/06 Local stocks to struggle with increased caution
Older News
24/09 VN-Index declines as corporates short of good news
23/09 Shares to move marginally as investors wait for FTSE's review results
21/09 VN stocks change little with increased selling
20/09 VN stocks driven up by large-cap sector
18/09 Energy firms drive VN-Index up for 4th day
17/09 Auto stocks to grow thanks to rising consumption
16/09 Market growth to slow as momentum runs out
13/09 VN-Index stops declining, tech shares jump on earnings report
12/09 VN stocks make modest gains on mid-cap and small-cap firms
11/09 VN stocks fall amid lack of support
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