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Stock market continues to slide
The stock market continued its downward slide, as indices dropped in yesterday’s trading sessions.
This was the seventh trading session in a row to see a strong decline, with a total loss of 122.73 points.
The VN-Index of the HCM City Stock Exchange was down 24.61 points, or 4.5 per cent, to close at 521.07 points. A total of 8.7 million shares were traded, valued at VND409 billion. Of the VN-Index’s 153 stocks, 147 were losers, four were winners and two went unchanged.
The winners included Sai Gon Hotel Corporation (SGH) which grew by VND4,000 to end at VND86,500 per share. Following far behind was Transforwarding Warehousing (TMS) that increased VND1,500 per share to close at VND51,500. Other winners included Dry Cell & Storage Battery (PAC) up VND1,300 to finish at VND46,500 per share and Sai Gon Fishing Net (SFN) up by VND800 to VND18,200 per share.
The biggest losers included Hau Giang Pharmaceuticals (DHG) that slipped VND8,000 to VND155,000 per share while Binh Dinh Minerals (BMC) Imexpharm Pharmaceutical (IMP), Kinh Do Bakery (KDC) and Tu Liem Urban Development (NTL) each saw a reduction of VND6,000 per share.
Blue chips including Sacombank (STB), the Corporation for Financing and Promoting Technology (FPT), Phu My Fertiliser (DMP) and SaiGon Securities Inc (SSI) all saw losses. STB was down VND1,900 to VND36,300 per share and FPT dropped VND5,000 to VND104,000 per share.
At the VNDirect Securities, cashiers said many investors drew their money from their accounts. This was blamed on the recent hike of interest rates by domestic commercial banks, a concern for investors as the stock market drags along in gloomy times.
Tran Tien Dung, an investor with Habubank Securities, predicted the VN-Index would likely drop below 500 points. The good news was that if the VN-Index went down rapidly, it should be able to recover. The VN-Index may keep its downward trend, however, if shares are oversupplied, dropping their prices sharply and discouraging investors, according to Dung.
Nguyen Hieu, an investor at Phuong Dong Securities, said he’s keeping his shares, despite the limited recovery of the VN-index.
The VN-Index downfall was blamed on reports of Viet Nam’s financial management by international finance organisations, according to analysts of Gia Quyen Securities.
With no positive news of the country’s economy, Viet Nam’s stock market would likely continue to drop. The analysts advised that investors should keep watching the development of the market before deciding to invest.
In Ha Noi, the HASTC-Index lost 13.36 points to end at 178.56 points with a total trading volume of more than 5.1 million shares worth VND245 billion.
VNS
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