Monday, May 28 2018

VietNamNews

Shares fall on selling pressure

Update: November, 19/2014 - 07:53

At the HCM City Stock Exchange, the VN-Index closed at 594.25 points, losing by 1.11 per cent.— Photo thanhnien.com.vn

HA NOI (VNS) — Vietnamese stock markets witnessed a great slump in share prices as selling pressure continued to surge yesterday.

At the HCM City Stock Exchange, the VN-Index closed at 594.25 points, losing by 1.11 per cent. The VN30 Index, which tracks the 30 leading stocks in capitalisation and liquidity, also fell by 1.47 per cent to 627.84 points.

Among the 30 shares, only rubber company Casumina and steelmaker Hoa Sen managed to rise while many lost ground rapidly such as software producer FPT, logistics company Gemadept, Kinh Do Confectionery and private equity company Masan, as well as Sacombank and property giant Vingroup.

Trading value jumped by 35 per cent over Monday's session to VND2.7 trillion (US$127.3 million) on a volume of 143.9 million shares.

Across the board, a total of 135 out of 287 stocks declined.

With yesterday's decreasing speed, FPT Securities analysts predicted the VN-Index would continue to slide and possibly reach 580 points.

There was no bad news in the market, "but investors lost their patience", they said.

However, Bao Viet Securities Company analyst Tran Duc Anh advised investors to buy during such declining sessions to assist their short-term trading purposes since stocks were associated with good results and had not increased strongly.

At the Ha Noi Stock Exchange, the HNX-Index likewise dropped by 0.69 per cent to 90.25 points. Transaction value reached VND1.12 trillion ($52.8 million).

The negative performance of blue chips in Ha Noi drove the HNX30 Index 1.14 per cent lower to 183 points.

While shares plunged, the exchange rate of commercial banks hit a new high. Each US dollar now costs up to VND21,420, a 25- to 60-dong increase. The interbank rate remained at VND21,246 to a US dollar. — VNS

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