Local shares slide on negative market confidence

July 22, 2020 | 14:56

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Local shares slid on Wednesday morning as blue chips struggled to keep their gains continuing amid the lack of confidence.

local shares slide on negative market confidence

Local shares inched down on Wednesday morning as overall confidence turned low on the lack of supportive news.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange was down 0.01 per cent to end at 861.58 points.

The VN-Index rose only 0.03 per cent on Tuesday.

The large-cap sector tracker VN30-Index inched down 0.05 per cent to 804.33 points as market sentiment returned to negative territory.

Investors’ confidence was boosted on Tuesday after the EU and Australia announced new policies to boost their economies and fight the COVID-19 pandemic.

Half of the 30 largest stocks by market capitalisation and trading liquidity in the VN30 basket declined while 11 increased.

Among large-cap losers were construction firm Coteccons (CTD), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), aviation firm Vietjet (VJC) and dairy producer Vinamilk (VNM).

On the positive side, Vincom Retail (VRE), brewer Sabeco (SAB), steel producer Hoa Phat (HPG) and consumer staples company Masan (MSN) advanced.

On the Ha Noi Stock Exchange, the HNX-Index dropped 0.30 per cent to close Wednesday morning at 115.74 points.

The northern market index increased by 0.32 per cent on Tuesday.

Nearly 185 million shares were traded on the two exchanges, worth VND2.48 trillion (US$108 million).

The afternoon trading session starts at 1pm.

VNA

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