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International jitters infect VN-Index
Stocks on Vietnam’s major market in Ho Chi Minh City Wednesday dipped into negative territory as investor confidence was hit by a slump in international markets, brokers said.
The VN-Index, the gauge of 160 leading firms and four closed-end funds listed on the exchange, closed down 10.82 points, or 2.32 percent, at 455.05.
Trading volume decreased to 14 million shares, one third of Tuesday’s record volume.
Heavy selling pushed 117 stocks lower.
Fourteen were unchanged and 33 rose.
“Investors unloaded their stocks, trying to escape the market, as they were worried about the negative performances of international markets,” said Nguyen Ngoc Thuc, chief broker from HCMC’s Empower Securities Corp, adding investors were waiting for the release of listed firms’ third quarter earnings result to decide whether they should step in or bail out.
Doan Xa Port Joint Stock Company (DXP) was the biggest gainer on the VN-Index, rising VND1,300, or 4.91 percent, to close at VND27,800.
Saigon Thuong Tin Commercial Joint Stock Bank (STB), known as Sacombank, was again the most active stock by volume, with more than 1.8 million shares traded.
Property firm Sonadezi Long Thanh (SZL) was the worst performer, falling by the daily maximum limit of 5 percent to VND57,000.
US stocks fell on Tuesday, erasing early gains, as a drop in energy and metals prices pushed down commodity producers and overshadowed a rise in technology shares.
The Standard & Poor’s 500 Index fell 4.27 points, or 0.4 percent, to 1,206.2 as of 12:53 p.m. in New York, after earlier increasing 1.2 percent.
Also in the US, the Dow Jones Industrial Average lost 34.01, or 0.3 percent, to 10,981.58, erasing a 128-point rally, while the Nasdaq Composite Index declined 4.64 to 2,174.34.
European stock exchanges also wilted Tuesday, with the London FTSE100 index losing 1.91 percent to close at 5,136.12 points.
In Paris, the CAC 40 fell 1.98 percent to 4,139.82 points while in Frankfurt the Dax shed 0.64 percent to finish at 6,068 points.
At the Hanoi stock exchange, the HASTC-Index also retreated, losing 1.15 point, or 0.75 percent, to close at 151.47.
Thanhnien
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