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HCMC stocks ignore fuel price cut, global market recovery
Despite the fuel price cut and global stock market rallies, Ho Chi Minh City stocks showed no signs of snapping their losing streak as investors remained cautious on the sidelines, waiting for the uncertainties to pass.
The VN-Index Friday opened well, rising in the first session as more than half the 160 listed stocks advanced.
But the bears returned in the next two sessions to sell large caps like Saigon Securities Inc. (SSI), dairy maker Vinamilk (VNM), property firm Vincom (VIC) and Pha Lai Thermal Power (PPC) to drag the index down.
It finally closed 2.1 points, or 0.6 percent, down at 382.51.
Of the index members, 90 advanced, 40 lost, and 30 remained unchanged.
A chief broker at a HCMC-based brokerage said investors stayed out since their confidence has been hit hard by the sharp falls earlier. He also said no new investment seems to be coming into the market.
Foreign investors remained net sellers, notching up a negative figure of VND72.4 billion (US$4.4 million).
The country’s top fuel importer, Petrolimex, cut retail gasoline prices by 3 percent Friday, its second reduction in less than two weeks, following a sharp fall in global crude oil prices.
European stock markets rallied Friday, after an earlier bounce in Tokyo and an overnight rally on Wall Street, but stubborn worries about the global economy sent Hong Kong spiraling lower.
Frankfurt, London and Paris gained more than 2 percent in morning trading, trimming earlier gains, as bargain hunters emerged following another round of steep losses on Thursday.
Overnight on Wall Street, the Dow Jones Industrial Average jumped 401.35 points, or 4.68 percent, a day after its steepest percentage drop since 1987.
Thanhnien
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