Sabeco rises for eight sessions, blue chips drag down the VN-Index

July 10, 2020 | 16:25

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Shares declined on Friday morning on the two national stock exchanges, dragged by a slump of blue chips.

sabeco rises for eight sessions blue chips drag down the vn index

Twenty-two of the VN30 shares lost value, half of which dropped by more than 1 per cent.

On the Ho Chi Minh Stock Exchange, the VN-Index edged down 0.38 per cent at 873.14 points.

On the Ha Noi Stock Exchange, the HNX-Index decreased 0.61 per cent to 115.46 points.

Among the top 30 largest shares by market value and liquidity on the southern bourse (VN30), gains of brewer Sabeco (SAB), which climbed 2.4 per cent and was its eighth consecutive rising session, were overwhelmed by a massive slump of heavyweight shares.

Twenty-two of the VN30 shares lost value, half of which dropped by more than 1 per cent. Only seven advanced and one closed unchanged.

Unfavourable development on the US stock market overnight was believed to have impacted investor psychology. However, the selling pressure was not high and was cushioned by good demand.

A total of 180.3 million shares worth more than VND2.6 trillion (US$112.6 million) were traded on the two exchanges.

Analysts at MB Securities JSC have predicted the market would fluctuate when the VN-Index is approaching the resistance zone of 883-885 but the overall trend will likely be on the rise.

Meanwhile, the UP-Index on the Unlisted Public Company Market (UPCoM) inched up 0.08 per cent to 57.21 points with nearly 15 million shares worth VND110.4 billion being exchanged.

The afternoon trade starts at 1pm.

VNA

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