Market declines on fragile investor confidence

August 16, 2017 | 16:00

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Shares continued to slide on Wednesday morning, led by the slump witnessed by large companies in the food-beverage and banking sectors.

Shares continued to slide on Wednesday morning, led by large companies in the food-beverage and banking sectors.

The VN-Index on the HCM Stock Exchange was down 0.22 per cent to end at 769.34.

Only 10 of the top 30 largest stocks by market value and liquidity advanced while 18 declined.

Banks and food-beverage firms were among the biggest losers.

Vinamilk (VNM) declined 0.9 per cent while brewery Sabeco (SAB) edged down 0.4 per cent. Confectionery Kido Group (KDC), Habeco (BHN) and sugar manufacturer Thanh Thanh Cong Tay Ninh (SBT) fell between 0.2 per cent and 4.1 per cent each.

Four of listed six lenders on the southern bourse lost value, of which BIDC (BID) was hit the hardest with a decrease of 1.5 per cent. Vietinbank (CTG), Military Bank (MBB) and Sacombank (STB) declined by less than one per cent each.

On the positive side, Vietcombank (VCB), Masan Group (MSN), steelmakers Hoa Sen Group (HSG) and Hoa Phat Group (HPG), PV Gas (GAS) and Mobile World Group (MWG) increased and cushioned the market.

On the Ha Noi Stock Exchange, the HNX-Index inched down 0.03 per cent at 101.27 points.

A total of 117 million shares worth over VND1.9 trillion (US$85.4 million) were traded on the two markets.

Afternoon trade starts at 1pm.

VNA

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