VN stocks fall for 3rd day

Investors at ACB Securities Company. - VNS Photo Truong Vi

The benchmark VN-Index on the HCM Stock Exchange dropped 0.28 per cent to close at 759.74 points. It had fallen total 1.2 per cent in the previous two sessions.

The HNX-Index on the Ha Noi Stock Exchange declined by 1.05 per cent to end at 96.93 points, posting a total three-day loss of 1.9 per cent.

The two local indices lost over 2 per cent and 2.5 per cent for the whole previous trading week.

More than 219.8 million shares were traded on both local bourses, worth VND3.53 trillion (US$157 million). Monday’s trading figures were also the lowest in the last three months.

Foreign investors remained net buyers, posting a net buy value of VND178.3 billion, an increase of 277 per cent from Friday.

Investor selling to gain profits in most of the penny and small-cap stocks was the major factor that pulled the market down, BIDV Securities wrote in its daily report.

A part of the profits went back into bank stocks and blue chips, helping them advance, while most of the profits were kept as cash, proving that investors were taking a wait-and-see attitude, BSC added.

The stock market was driven down by stocks in the property, energy and securities sectors. Those sector indices lost between 0.7 per cent and 1.5 per cent, according to vietstock.vn.

In those three sectors, companies that saw their share prices down included Tan Tao Investment and Industry (ITA), Sacomreal (SCR), FLC Group (FLC), PetroVietnam Gas (GAS), PetroVietnam Technical Services (PVS), Viet Dragon Securities (VDS), Sai Gon Securities (SSI) and Sai Gon-Ha Noi Securities (SHS).

Other industries, such as pharmaceutical firms, rubber producers and insurance-finance companies also performed badly. On the other hand, banks, food and beverage producers and plastic companies did well.

In the banking sector, five of the nine listed bank stocks made gains. MBBank (MBB) posted the biggest growth rate of 2 per cent and Eximbank (EIB) recorded the slightest at 0.4 per cent.

The food and beverage sector also performed well, led by dairy company Vinamilk (VNM), consumer goods producer Masan (MSN) and sugar firm Bien Hoa Sugar JSC (BHS).