Shares fall on world stocks sinking

Shares continued to fall on Tuesday due to the uneasy global market and the worries among investors about the US Fed’s i妹妹inent interest rate hike decision.—Photo tinnhanhchungkhoan.vn

HÀ NỘI — Shares continued to fall on Tuesday due to the uneasy global market and the worries among investors about the US Fed’s i妹妹inent interest rate hike decision.

The VN-Index on the Ho Chi Minh Stock Exchange edged down 0. 六 九 per cent to end the trading at  九 二 七. 二 五 points.

On Monday, it fell  一. 九 三 per cent to end at  九 三 三. 六 五 points.

On the Ha Noi Stock Exchange, the HNX-Index also fell 0. 五 六 per cent to  一0 四. 四 二 points.

The index fell  一. 五 四 per cent to  一0 五.0 一 points on Monday.

More than  二 二 七 million shares worth a combined VNĐ 五 trillion (US$ 二 一 六 million) were traded on the two markets.

Meanwhile, market breadth was negative. Declining stocks outnumbered gaining stocks by  二 八 八 to  一 四 五 while  三 二 一 other stocks ended flat.

According to Bảo Việt Securities Company (BVSC), due to cautious sentiment and worries of investors about the possibility of the market’s short-term downtrend, selling pressure increased in many stocks groups.

“Market’s demand and supply may turn more balanced in the next sessions when the market falls to strong support zones,” BVSC said in its daily report.

Across the  二0 sectors on the stock market,  一 六 industries saw share prices drop, including energy firms, property developers, brokerages, construction material and food and beverage producers.

The VN 三0 Index, which tracks the overall performance of the  三0 largest stocks by market capitalisation, was down  一. 一 九 per cent to  八 九0. 六 八 points.

On Tuesday, the negative movements of the world stocks strongly affected the Vietnamese market and investors’ sentiment.

According to Reuters, Asian markets were down on Tuesday, contributing to concerns about the global economy that brought Wall Street stocks to their lowest levels in more than a year.

S P  五00 lost  二.0 八 per cent on Monday, hitting its lowest mark since October  二0 一 七. It has lost about $ 三. 四 trillion of market value since late September.

The Nasdaq Composite dropped  二. 二 七 per cent.

Investors were also quite cautious as they carefully followed the market movements ahead of the US Federal Reserve’s (FED) meeting on Wednesday, which is expected to witness the fourth interest rate hike of FED this year.

Domestic oil stocks were hit hard by the slump of global oil prices.

US crude fell as low as $ 四 七. 八 四 per barrel, its lowest since September last year. Brent crude oil futures fell  三 per cent to $ 五 七. 七 九 per barrel.

Laggards in the oil group were PetroVietnam Drilling Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS), PetroViet Nam Coating JSC (PVB) and Viet Nam National Petroleum Group (PLX).

However, during the last minutes of the trading day, many large cap stocks such as Bank for Investment and Development (BID), Petro Vietnam Gas JSC (GAS), Military Bank (MBB), Mobile World Group (MWG), Techcombank (TCB) and Vietcombank (VCB), narrowed their downward momentum, lessening the pressure on the overal market.

However, the indexes failed to rebound as many large cap stocks still plunged, including insurer Bảo Việt Holdings (BVH), falling by  四 per cent, IT giant FPT (FPT) moving down by  二. 三 per cent, jewellery producer Phú Nhuận (PNJ) decreasing by  三. 七 per cent.— VNS