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Shares down less thanks to bottom fishing and Fed rate cut
Shares declined on Monday morning, but the downtrend was narrowed thanks to bottom fishing and the Fed’s decision to cut interest rates to 0 per cent.
On the Ho Chi Minh Stock Exchange, the VN-Index lost 1.10 per cent to end the morning trade at 753.43 points.
A total of 154 million shares worth VNĐ2 trillion ($86 million) were traded on the southern market.
The large-cap tracker VN30-Index – the main driving factor of the stock market – dropped 1.52 per cent to close at 705.78 points.
In the VN30 basket, 25 of the 30 largest stocks by market capitalisation and trading liquidity declined while five increased.
During the morning session, investors went fishing for stocks that had been hit hard in previous days, including Vietinbank (CTG), FPT Group (FPT), PetroVietnam Gas JSC (GAS), Hoa Phat Group (HPG), Vietnam National Petroleum Group (PLX), Bank for Investment and Development (BID) and Military Bank (MBB).
On Sunday night, the Federal Reserve cut interest rates to near zero percent in an emergency move amid the economic impact of the coronavirus outbreak.
The move soothed investor sentiment and boosted global markets, having a positive impact on Vietnamese market.
Among the worst-performing large-caps were Phu Nhuan Jewellery (PNJ), decreasing by 6.5 per cent, Techcombank (TCB), losing by 4.1 per cent, VPBank (VPB), down by 4 per cent, Vinhomes (VHM), falling by 4 per cent, Vietcombank (VCB), down by 3.8 per cent, Sabeco (SAB), declining by 3.5 per cent, Vingroup (VIC), losing by 4.8 per cent.
On a sector basis, all 25 sectors across the market lost ground.
Dragging the market were wholesale, insurance, real estate, securities, retail, healthcare and pharmaceuticals, banking and finance, agriculture, food and beverage stocks and construction.
On the Hà Nội Stock Exchange, the HNX-Index lost 0.19 per cent to close Monday morning at 101.19 points.
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