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VN stocks slump as investors lose confidence
Vietnamese shares declined sharply on both local markets this morning, as investors showed less confidence in their stock assets.
The benchmark VN Index on the HCM Stock Exchange fell 1.4 per cent to close at 552.69 points, and the HNX Index on the Ha Noi Stock Exchange dropped 1.3 per cent to end at 75.68 points.
Investors were trying to sell their stock assets after global markets declined amid fears over low forecast for the world economy and low crude oil prices.
Blue chips were affected the most by this market move. Financial stocks led the market decline, with insurance firm Bao Viet Holdings (BVH) slumping 3.9 per cent, Vietcombank (VCB) losing 1.4 per cent, and the Bank for Investment and Development of Vietnam (BID) falling 2.1 per cent.
Energy stocks fell after the American benchmark crude West Texas Intermediate (WTI) rose less than expected. WTI closed flat at US$30.48 after yesterday's trading session.
Leading energy stocks declined, including PetroVietnam Gas Corporation (GAS), which dropped 1.1 per cent; PetroVietnam Drilling and Well Services Corporation (PVD), which lost 1.3 per cent; and PetroVietnam Technical Services Corporation (PVS), which fell two per cent.
Property developer FLC Group (FLC) was the most active stock, with nearly 8.5 million of its shares being traded. FLC fell 2.7 per cent and the property sector index was down one per cent.
Both local markets traded more than 85 million shares, worth VND1.16 trillion ($51.7 million).
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