Shares on October 2 fell further on the HCM Stock Exchange as large-cap stocks continued performing negatively on poor market sentiment (Photo: VNA)Hanoi (VNA) - Shares on October 2 fell further on the HCM Stock Exchange aslarge-cap stocks continued performing negatively on poor market sentiment.
The benchmark VN-Index on the southern market lost 0.27 percent to close at802.23 points. It was down 0.05 percent on September 29.
The VN-Index had rose as much as 0.45 percent to reach its intraday high of808.09 points during October 2’s session.
Nearly 119.5 million shares were traded on the southern exchange, worth 2.78trillion VND (123.8 million USD).
October 2’s trading figures were down 14.3 percent in volume and 10 percent invalue compared to September 29. These were also the lowest liquidity figuresrecorded since February 2017.
Large-cap stocks underperformed with the VN30 Index, which tracks theperformance of the 30 largest companies by market capitalisation and liquidity,fell 0.25 percent to 790.70 points.
Seventeen of the 30 largest companies in the VN30 basket declined while 12others advanced and only one closed flat.
The worst decliners included insurance-finance firm Bao Viet Holdings (BVH),Thanh Thanh Cong Tay Ninh Sugar Co (SBT), Sacombank (STB) and food producerKido Group (KDC).
Foreign investors remained net buyers but their net sell value on October 2 dropped5.4 percent to 45.8 billion VND from September 29.
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“The first trading session of October was very bad, with liquidity droppingsharply, gainers being outnumbered by losers by nearly a 2:1 ratio and foreigninvestment being weak,” Vietnam Investment Securities Company (IVS) said in itsdaily report.
The VN-Index had weakened considerably in the late period of the last threetrading sessions and the benchmark is now only two points away from 800 points,IVS said. “If the VN-Index fails to hold onto that level, the stock market willlikely go through a hard-correction period.”
However, there is a chance that the VN-Index could move narrowly around thelevel of 800 points without any positive signals about its future development,the brokerage said. “The market will continue weakening and may extend itscorrection to the end of the year if demand remains negative,” IVS said.
In addition, the third-quarter earnings reports were unlikely to provide astrong boost for local stocks as investors had already priced in the gains ofthose stocks based on forecasts and intel sources of higher earnings results,the securities company said.
On the Hanoi Stock Exchange, the HNX-Index inched down 0.13 percent to end at107.51 points. It gained 0.2 percent on September 29. Nearly 52 million shareswere traded on the northern market, worth 468.7 billion VND.-VNA
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