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Gloomy economic picture keeps market on downtrend
The Ho Chi Minh City Stock Exchange ended its fourteenth consecutive day of very low liquidity and dropping values, with the VN-Index sliding another 7 points to close at 434.75 points, a loss of 1.58 percent.
Volume continued to be depressed, with 7.7 million shares traded for a total value of about 456.7 billion VND (28.5 million USD). Of 154 codes, three were gainers, 145 losers and 6 codes unchanged.
HCM City Infrastructure Investment Joint Stock Co (CII) edge up slightly to 24,000 VND per share after the company announced its intention to buy back 500,000 shares. HCM City Metal (HMC) rose a measly 300 VND to end the day at 19,400 VND, while Southern Seed Co (SSC) was the final gainer, closing at 29,700 VND.
Blue chips, meanwhile, continued to hit the floor.
Ending the trading session on May 22, Phu My Fertilisers (DPM) was the most active share with 483,000 traded.
Quang Tung, an investor with Vietcombank, said in the context of global economy struggling with high inflation, slowing growth and oil prices that hit 135 USD a barrel on May 22 morning, everything seemed to be getting worse.
In addition to rapidly rising input costs, many domestic companies have had to postpone new projects this year due to tightening credit from commercial banks.
The gold market, meanwhile, has continued to draw short-term investors away from stocks. On May 22, world gold prices rose to 933.2 USD/ounce. In Vietnam , gold surged to over 18.6 million (1,163 USD) per tael and prices were expected to remain high in the coming days. (A tael is equivalent to 1.2 ounces).
Over the last few trading sessions, foreign investors have accounted for 40 percent of the market’s daily trading volume.
In Hanoi on May 22, the HASTC-Index closed at 130.35, a loss of 2.4 points, with 481,000 shares changing hands for total value of 12.3 billion VND (768,000 USD).
VNA
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