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Stocks fall on pessimism
Lower petrol prices have failed to raise investor confidence; on the contrary they now seem to fear that the decline is a sign the global economy may go into a downward spiral again, commentators say.
On the HCM City Stock Exchange, the benchmark VN-Index gave up 1.5 per cent to close this morning's session at 413 points on a total value of just over VND444 billion (US$21.1 million).
Decliners overwhelmed advancers by 200-28, of which 71 codes dropped to the floor prices.
Blue chips slumped as 29 of the top 30 shares by market capitalisation and liquidity lost value, driving the VN30 Index down 1.36 per cent to 485.96 points.
Among the top 30 shares, only HCM City Infrastructure Investment Co (CII) bucked the trend, posting a gain of 2.6 per cent to close at VND27,500 ($1.31).
However, Petrovietnam General Services (PET) was the most active code this morning, with nearly 1.4 million shares changing hands, but they plunged to the floor price of VND11,400 ($0.54).
On the Ha Noi Stock Exchange, the HNX-Index fell 1.68 per cent to 68.91 points. Trading was sluggish with only 18.5 million shares, worth VND162 billion ($7.7 million), exchanged.
Losers outnumbered gainers by 176-26.
VNDirect Securities Co (VND), on a total trade of 2.5 million shares, was the most active code in Ha Noi, losing 2.1 per cent to close at VND9,500 ($0.45).
The afternoon session will resume at 1pm
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