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Shares slide rapidly on both exchanges
Indexes on the nation's two stock exchanges lost the previous days' momentum, tumbling yesterday due to the impacts of Circular 36, which limits bank lending for securities investments.
Yesterday saw the last session before the effect of the circular, and contrary to previous sessions, bank stocks dragged the market down as Vietcombank (VCB), the Bank for Investment and Development (BID), Vietinbank (CTG) and Eximbank (EIB) fell 2-4 per cent.
The decline then spread to securities stocks, including Sai Gon Securities Inc (SSI), HCM City Securities (HCM), Sai Gon-Ha Noi Securities (SHS), Bao Viet Securities (BVS) and VNDirect Securities (VND).
Despite opinions from experts and bank officials that the regulation would create a healthy banking system and, in the long term, enhance the value of the stock market, investors still feared losses from their portfolios.
On the HCM City Stock Exchange, the VN-Index lost 1.24 per cent to reach 576.07 points.
The VN30 Index, tracking the 30 largest stocks in terms of capitalisation and liquidity, also declined 1.2 per cent to 606.54 points. Only Da Nang Rubber (DRC), food processing firm Hung Vuong (HVG), property giant Vingroup (VIC) and Masan Group (MSN) added value. Of the 26 decliners, rubber company Casumina (CSM) lost 2.3 per cent, steelmakers Hoa Phat (HPG) and Hoa Sen (HSG) both declined 3.2 per cent, Military Bank (MBB) was down 4.1 per cent and PetroVietnam Drilling Service (PVD) fell 2.5 per cent.
Also, the value of trading reached VND1.85 trillion (US$86.85 million) on a volume of 102.2 million shares.
On the Ha Noi Stock Exchange, the HNX-Index dropped 1.6 per cent to end at 85.56 points, while the HNX30 Index, representing the performance of the bourse's top 30 blue chips, decreased 2.35 per cent, reaching 164.48 points.
Additionally, trading value and volume reached VND606.9 billion ($28.5 million) and over 54.1 million shares.
Meanwhile, foreign investors increased their buying and concluded as net buyers by nearly VND47 billion ($2.2 million). Real estate stock Dat Xanh (DXG) saw the heaviest buying by foreign buyers, with almost 2.5 million shares in net volume, closing with a net value of VND41.12 billion ($1.9 million).
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