|
Global gloom shrouds HCMC stocks
The Ho Chi Minh City stock market continued to lose steam Friday as domestic investors followed foreigners in selling out.
After hitting the year’s lowest level at 360.43 points on Thursday, the VN-Index, which comprises 160 leading companies and four closed-end funds, finished a further 4.25 percent adrift Friday at 345.11 points.
The declines outnumbered advances by 131 to 14 as 19 stocks remained unchanged.
"Domestic investors have been selling shares due to pessimism following strong foreign sales recently," Reuters quoted Vu Duy, a trader with Hanoi-based Kim Long Securities Company, as saying.
"Bad news around the world made local retail investors reluctant to buy," Reuters quoted Tran Thi Ngoc, an analyst at Hanoi-based Wall Street Securities Co., as saying.
PetroVietnam Fertilizer & Chemical Joint-Stock Co. (DPM), the exchange's biggest company by market value, lost VND2,400, or 4.9 percent, to VND46,600.
Many other large cap stocks like Vinamilk (VNM), PetroVietnam Drilling & Well Services Joint-Stock Co. (PVD), and software developer FPT Corp. also declined by almost the daily allowed limit of 5 percent.
Saigon Thuong Tin Commercial Joint-Stock Bank, the exchange’s only listed lender, was the most active by volume, with more than 1.9 million shares changing hands.
Foreign investors were net sellers, notching up sales of VND64 billion (US$ 3.8 million).
Thanhnien
|
