Shares down on lower investor confidence, oil prices

October 24, 2016 | 15:30

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Shares declined this morning on low investor confidence as large-cap stocks continued to suffer from profit-taking and a slight decrease in oil prices pulled energy stocks down.

Shares dipped in the early session as low investor confidence drove large-cap stocks down. - Photo Vietnamplus

The benchmark VN Index on the HCM Stock Exchange fell 0.7 per cent to close at 680.31 points and the HNX Index on the Ha Noi Stock Exchange was down 0.5 per cent to end at 83.76 points.

Investors remained cautious with the developments in the market in the early session. The VN Index has failed to conquer the 690 point landmark for four weeks, while third-quarter earnings' reports released by listed companies have showed little improvement. In addition, worries over force selling have made it hard for investors to swoop in to buy declining shares.

Leading companies such as dairy firm Vinamilk (VNM), insurer Bao Viet Holdings, property developer Vingroup JSC (VIC) and Vietcombank (VCB) slid between 0.4 per cent and 1.2 per cent each.

Consumer goods producer Masan Group (MSN) continued trending downward, losing 2.6 per cent, as the company has encountered negative response from the public on speculation that the largest consumer goods producer competed unfairly with local fish-sauce producers to win market share.

Energy stocks also fell on a slide in oil prices after Iraq announced its intention to leave OPEC's deal on a production cut.

Nearly 84 million shares were traded on the two local exchanges, worth VND1.28 trillion (US$57 million).

VNS

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