Shares sank for a third day on the nation's two exchanges on November 4 as investors remained wary of the market outlook. (Photo vfpress.vn)Hanoi (VNA) - Shares sank for a third day on the nation’s two exchanges on November 4 as investors remained wary of the market outlook.
The VN-Index, the measure of 314 stocks on the HCM Stock Exchange, was down 0.13 percent to end at 666.7 points. The index had lost 1.4 percent in the last two trading sessions.
On the Hanoi Stock Exchange, the HNX-Index tracking 379 stocks dropped 0.24 percent to 80.5 points. It had fallen two percent in the previous two sessions.
Several large-cap stocks recovered yesterday, including the top 30 biggest shares by market capitalization, like PV Gas (GAS), lender BIDV (BID), steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG), software firm FPT Corp (FPT) and Kinh Bac City Development (KBC).
At the other end of the spectrum, many stocks saw their value drain. These included dairy firm Vinamilk (VNM), Military Bank (MBB), private equity firm Masan Group (MSN), Saigon Securities Inc (SSI), HCM Securities Corp (HCM) and PetroVietnam Fertilizer and Petrochemicals Corp (DPM).
Overall market conditions improved over November 3, with the number of gaining shares slightly lower than the losing shares by 203-228. Another 262 shares closed unchanged.
“The market will enter a downward trend and the risk can increase again, and the trading psychology gets less exciting,” Tran Thang Long, head of research at BIDV Securities Co wrote in a note.
The benchmark VN-Index retreated below the support level of 670 points on November 3, signaling the market had likely lost the medium-term uptrend support and was approaching the lower support level of 660 points, Long said.
Global oil continued to decline as the West Texas Intermediate (WTI) oil dipped 1.5 percent on November 3 to the lowest level since September 23 at 44.66 USD per barrel on the New York Mercantile Exchange (NYMEX).
The Brent crude also dropped 1.1 percent to 46.35 USD per barrel on the Intercontinental Exchange (ICE) in London.
Liquidity was drained with just 119 million shares worth nearly 1.8 trillion VND (81.5 million USD) traded in the two markets, down 29.7 percent in volume and 33.3 percent in value compared with November 3’s levels.
Foreign traders extended their net buying session to a second day on the HCM Stock Exchange with a value of 33.6 billion VND, but they remained net sellers on the Hanoi bourse, responsible for a net sell value of 1.3 billion VND, lifting total net sell value to nearly 21 billion VND over the last three days.-VNA
