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Shares slump as first-half growth data disappoints
The VN-Index concluded last week down 0.4 per cent from the previous Friday's close, reaching 422.37 points on the strength of gains late in the week.
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Source: VietstockFinance
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The value of trades on the HCM City Stock Exchange averaged around VND852.3 billion (US$40.5 million) per session, slightly higher than in the previous week, while the daily volume of trades averaged 51.2 million shares.
The VN30 Index, tracking the southern bourse's leading stocks, lost 0.5 per cent during the week to close on Friday at just 497.73 points.
On the Ha Noi Stock Exchange, the HNX-Index also retreated by 1 per cent to 71.07 points. Value averaged a meagre VND353.6 billion ($16.8 million) per day on a volume of 37.2 million shares, some 4 per cent below the previous week.
What cash flows there were last week tended to return to rubber, real estate and mining stocks. Subsidiaries and affiliates of engineering firm Lilama and construction firms Song Da and Vinaconex all sank notably amid mixed trading in blue chips. Investors continued to neglect bank shares.
Friday saw the release of national GDP figures for the first six months of the year, showing economic growth at a 4.38-per-cent pace, against global GDP growth predicted to fall this year by 3.5-3.6 per cent.
"A number of banks worldwide are facing lower credit ratings, while GDP growth continues to disappoint investors," commented FPT Securities Co analyst Le Thi Bich Hang.
Although the domestic GDP increase, it was still lower than expected, she noted. In addition, the Performance of Manufacturing Index (PMI) was below 50, showing that the manufacturing sector still faced great challenges.
"The economic picture won't be positive for listed companies to publish profitable business results," Hang said. "Therefore, there is little expectation for a significant recovery."
The horizontal trendline formed at the end of May was strongly controlling the movements of the VN-Index between 415-435 points, she added, a situation that would likely continue this week.
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