Hanoi (VNA) - Shares fell on both local exchanges on May18, as investor confidence was weakened by negative global market trends andinvestors continued to seek short-term profits.

The benchmark VN Index on the HCM Stock Exchange closed at 726.99points, slightly down from Wednesday’s level of 727.20 points.

The HNX Index on the Hanoi Stock Exchange slid 0.48 percent to endat 91.46 points, retreating from a four-day rally of 2.2 percent.

More than 288.3 million shares were traded on the two localbourses, worth 5.82 trillion VND (258.6 million USD). Market trading liquidityincreased in comparison with May 17’s figures.

Only six of the 20 industries in the stock market made gains, withthe strongest growth seen in banks, brokerages and seafood producers.

Meanwhile, declining stocks outnumbered gainers on both localbourses by 307 to 170.

The three gaining industries were driven by Vietinbank (CTG),MBBank (MBB), Eximbank (EIB), HCM City Securities (HCM), Sai Gon-Hanoi Securities(SHS), seafood producers Hung Vuong Corporation (HVG) and Vinh Hoan Corporation(VHC).

Meanwhile, declining sectors included energy, propertydevelopment, agriculture, construction, food and beverage.

The energy sector was dragged down as oil prices declined duringthe Asian trading session. Brent crude fell 1.4 percent to trade at 48.38 USD abarrel.

Shares of real estate firms, agriculture companies, food andbeverage producers, and construction corporations were brought down asinvestors increased their selling in the day-end period to seek recently gainedprofits.

Among those stocks, FLC Group (FLC) dropped 2.3 percent, FLC FarosConstruction (ROS) slid 2.2 percent, dairy producer Vinamilk (VNM) edged down0.7 percent, Hoàng Anh Gia Lai (HAG) and its agricultural arm HAGL Agrico (HNG)decreased by 1.8 percent and 3.4 percent, respectively.

Both local indices in the stock market failed to pick up on May 18as they were put under heavy selling pressure by investors, who attempted tooffload parts of investment portfolios to earn some profits, Sai Gon-HanoiSecurities (SHS) said in its report.

The brokerage also said that investor confidence was clearlydampened after global markets responded in a negative way to the latestdevelopments of the Trump administration.

However, there have been no signs of technical correction forlocal stocks at the moment, so the VN Index is expected to recover today andhead to the level of 730 points, SHS said.-VNA