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Uncertainty makes stocks decline
Stocks extended this morning's losses to the afternoon session as investors again felt uncertain on the economic look.
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| Source: VietstockFinance |
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The Ministry of Planning and Investment on Wednesday reported a sharp rise in companies filing for bankruptcy in the first quarter. In HCM City, 526 enterprises completed procedures for dissolution at the HCM City Department of Planning and Investment, up 23.8 per cent year-on-year, while over 5,000 others filed paperwork with the City Tax Department to shut down operations.
The Ha Noi counterpart has yet to complete its calculations but confirmed the number of dissolved companies continued to rise in March. In the first two months of this year, the number of firms filling for bankruptcy in Ha Noi rose by 4.3 times over the same period last year.
In addition, reports of slowing industrial production and exports raised concerns over the possibility of stagnation.
On the HCM City Stock Exchange, the benchmark VN-Index was down 1.5 per cent to close yesterday's session at 439.63 points. Trading value dropped 25 per cent from the previous session, totalling nearly VND1.05 trillion (US$50 million), while volume of trades declined 10 per cent to 74.5 million shares.
Blue chips tumbled with 21 of the 30 leading shares by market value and liquidity closing down, including 4 which dropped to their floor prices, while only three rallied, driving the VN30 Index down 1.2 per cent to 498.48 points.
Losers overwhelmed gainers by 198-63 overall.
Financial shares remained the most active in HCM City, with Sacombank Securities (SBS) and Eximbank (EIB) each seeing over 3.3 million shares changing hands. But while SBS slid 4.6 per cent to end at VND6,300 ($0.30), EIB edged up 0.6 per cent to finish at VND17,200 ($0.82).
On the Ha Noi Stock Exchange, the HNX-Index fell a more substantial 3.08 per cent to 73.20 points.
Value of trades declined slightly over Wednesday but still stood high at VND941.2 billion ($44.8 million) with 93.6 million shares changing hands.
Decliners nearly quadrupled over advancers, with Habubank (HBB), the most heavily-traded code nationwide on a volume of 14.7 million shares, settling down 4.3 per cent at VND6,700.
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