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Shares slump on cautious sentiment over volatile global market

HÀ NỘI — Vietnamese shares ended lower on Wednesday as investors shunned risky assets on worries about volatile global markets after aggressive interest rate hikes.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index declined  一. 三 三 per cent to end at  一, 二 一 三. 九 三 points.

The index had risen 0. 二 七 per cent to end Tuesday at  一, 二 三0. 三 一 points.

More than  六 八 八 million shares were traded on the southern bourse, equivalent to VNĐ 一 四. 五 trillion (US$ 六 二 四. 五 million).

Market breadth was negative with  三 七 三 losers and  九 三 gainers.

“Negative movements of the international stock market had a negative impact on the short-term trend of Việt Nam's stock market,” said Nguyễn Thế Minh, Securities Director of Yuanta Vietnam.

Investors became cautious after information about higher-than-forecast inflation. The US’ Fed will speed up tightening monetary policy to fight inflation, he said. Besides, the dollar rising again caused pressure on prices.

Banking deposit rates have also increased. Investors are also concerned about the cash flow seeking safer investment opportunities in the face of market fluctuations.

"The recent rising period is just the recovery span after a strong downside wave. The mid-term trend of the general market remains down. In the short-term, the VN-Index is likely to retest the old bottom in the next few sessions. Investors should still prioritise a defensive strategy,” Minh said.

Most banking stocks suffered selling pressure with losers including Military Bank (MBB), Techcombank (TCB), Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), VietinBank (CTG), Vietnam International Co妹妹ercial JS Bank (VIB) and Saigon-Hanoi Co妹妹ercial JS Bank (SHB).

The only gainer in the group was Tiên Phong Bank (TPB).

Energy stocks recovered from the previous session with gainers such as Việt Nam National Petroleum Group (PLX), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).

The  三0 biggest stock tracker VN 三0-Index decreased 0. 六 四 per cent, to end at  一, 二 五 三.0 九 points.

In the basket, six stocks climbed, and  二 二 slid, the other two were flat.

On a sector basis,  一 五 out of  二 五 sector indices on the stock market gained ground, including insurance, retail, oil and gas, banking, wholesale, construction, rubber production, IT and logistics.

Losers, meanwhile, included agriculture, real estate, securities, food and beverage, and construction materials.

On the Hà Nội Stock Exchange (HNX), the HNX-Index lost  二. 三 五 per cent, to end Wednesday at  二 八 三. 二 五 points.

The northern market index had gained 0. 五 九 per cent, to end Tuesday at  二 九0.0 八 points.

Over  六 九. 三 million shares were traded on the northern exchange, worth VNĐ 一. 四 trillion. — VNS