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Markets continue to decline
Shares extended the losing streak begun last week, closing down significantly Monday on both of the nation's stock exchanges.
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| Source: VietstockFinance |
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On the HCM City Stock Exchange, the VN-Index plummeted by nearly 2.2 per cent from last Friday's close to conclude Monday's session at 469.69 points. Electronic trading boards filled with the red of nearly 200 codes plunging to their floor prices.
The value of trades jumped by 17.6 per cent over last Friday's total, however, reaching VND2 trillion (US$95.2 million) on a volume of 110.4 million shares.
The VN30 Index, which tracks the city's 30 leading shares in terms of capitalisation and liquidity, also lost 2 per cent, closing at 536.35 points, with 17 of the top 30 stocks bottoming out and only Vietinbank (CTG) and Vietcombank (VCB) posting gains on the day.
Profit-taking ate into real estate shares despite a Government move to help shore up the real estate market by giving project developers a 12-month extension on payment of their land use fees as well as cutting land use fees due this year by 50 per cent. The total value of the relief was estimated at VND64 trillion ($3 billion).
However, the National Assembly Economic Committee yesterday morning forecast that economic growth in the second quarter would reach only 4.5 per cent, and a Government report on the nation's economic outlook suggested that, if no measures were successful in promoting production, targets of higher growth and ensuring social security would become more problematic.
"There must be a really strong growth pressure in the last six months of the year if growth is to approach 6 per cent," the report said.
On the Ha Noi Stock Exchange yesterday, the HNX-Index also retreated by over 3.3 per cent to 78.84 points. Value topped VND979 billion ($46.6 million), a slight decline from last Friday's close, while volume reached nearly 91.5 million shares.
Habubank (HBB) continued to be the most-active share nationwide with 8.1 million exchanged.
Foreign investors concluded yesterday as net sellers on both bourses by a margin of VND63 billion ($3 million).
"After today's fall, the short-term trend has shifted to declining, and investors had better turn their portfolios into cash to ensure short-term safety," Hoa Binh Securities Co analyst Vu Thai Ha wrote in a note
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