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VN-Index close to 700 point mark, investors shock
Almost all investors went into shock as stock indexes at both bourses suffered sharp decreases at the end of the February 21 trading session.
The VN-Index at the Ho Chi Minh City Stock Exchange (HoSE) plunged 34.47 points or 4.63 percent to finish at 710.45 points with around 20.1 million shares, worth over 1.7 trillion VND, changing hands.
Tu Liem Urban Development Co. (NTL) topped the list of 147 losers after having 13,000 VND wiped off its listed price, followed by Binh Dinh Minerals (BMC) and Tay Ninh Cable Tour (TCT) (both 12,000 VND), and Song Da Urban & Industrial Zone Investment and Development (SJS) (10,000 VND).
Affected by the southern bourse’s downward trend, the HaSTC-Index at the Ha Noi Securities Trading Centre dropped 19.28 points or 7.5 percent to close at 237.89 points. More than 4.5 million shares, worth close to 269 billion VND, were traded.
Investors said that the local stock market’s deep decline was attributed to rumours of increasing instabilities in the US economy and skyrocketed petrol and gold prices.
The State Bank of Viet Nam’s recent adjustment in monetary policy also contributed to the market’s downward trend.
According to an expert from the SBS-Sacombank Securities Company, despite cheap prices, investors dare not buy more shares at the time because the macro economic situation hasn’t showed any positive sign yet.
“If there is no positive news in the next several days, VN-Index may dip below the 700-point mark,” said an investor at the SBS-Sacombak floor.
VNA
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