Growth subsides as profit taking increases

16:07 | 27/05/2020

Growth weakened on the Vietnamese stock market on Wednesday morning due to increased profit taking.

growth subsides as profit taking increases
The head office of Kinh Bac City Development Holding (KBC). Industrial zone developers' shares suffered on Wednesday due to increased profit taking.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange moved up 0.40 per cent to end at 872.64 points.

The VN-Index had increased by total 1.92 per cent in the first two trading days of the week to touch the 12 week high of 869.13 points.

The minor HNX-Index on the Ha Noi Stock Exchange inched down 0.14 per cent to close at 110.34 points, retreating from a three-day rally of total 4.49 per cent.

More than 245.6 million shares were traded in the morning session, worth VND3.88 trillion (US$166.3 million).

Large-cap stocks remained the driving factor of the stock market with the large-cap tracker VN30-Index rising 0.27 per cent.

Eighteen of the 30 largest stocks by market capitalisation and trading liquidity increased while six declined.

Growth among all shares narrowed as investors were taking profits from recent rallies.

Financial-banking stocks still led the market up but their growth was weaker. The banking, brokerage and insurance indices were up between 0.4 per cent and 0.9 per cent.

Real estate sector index inched up nearly 0.1 per cent as industrial park developers suffered from selling pressure, including Long Hau Corporation (LHG), Sonadezi Long Thanh (SZL) and Kinh Bac City Development Holding (KBC).

The afternoon trading session starts at 1pm.

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