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As falling stocks outnumbered rising ones by 163 to 110, the benchmark index lost 3.2 points, or 0.34%, against the session earlier at 948.21. Stock trade was dismal with volume dipping 4% at 125.8 million shares and value expanding 17% at more than VND3.1 trillion.
Construction firm ROS again led the HCMC market by liquidity with 12.6 million shares transacted, but declined a slight 0.2% at VND30,050 per share. It was followed by steel maker HPG with around seven million shares traded.
SRC, a rubber company who has announced a share auction scheme, went up to its ceiling price for the second straight session, closing at VND28,600 per share on matching volume of 350,000 shares.
Saigon-Hanoi Securities Company in a report said that the market is looking for clues before it can improve.
Top U.S. Federal Reserve officials have warned this week that the global trade war might force the Fed to lower interest rates. But the Vietnamese market has yet to feel any impact of this warning. The decline of stock trade volume suggested that domestic investors were fed up with the current market movements, it said.
According to Thanh Cong Securities Company, the market had yet to get out of the woods.
The escalating U.S.-China trade war and worries over the global economic slowdown would continue weighing on the local stock market. Local stocks would need to go through some more falling sessions before rising again.
Early this week, speaking to tinnhanhchungkhoan.vn, securities expert Ngo Quoc Hung at MB Securities Company said falling global markets in May resulted from trade tensions.
Last month, the S&P 500 index on the New York Stock Exchange lost 6.6%, the Shanghai Composite Index on the Shanghai Stock Exchange fell 5.84% and the Stoxx600 Index of European stocks edged down 5.7%.
The domestic market followed a similar pattern by decreasing more than 2%. Internal factors showed no positive signs and external factors were deteriorating, which may put the local market under selling pressure early this month, Hung said.
On the Hanoi Stock Exchange, the HNX-Index dipped 0.51 point, or 0.49%, at 103.3. Market trade expanded slightly by 4% in volume and 5% in value to 21.1 million shares worth VND254 billion.
Only three stocks had matching volume of over one million shares each. PVS was the volume leader with nearly 2.2 million shares changing hands. The petroleum technical service firm added 0.5% at VND21,700.