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VN stocks plunge at steeper rates

Update: December, 18/2014 - 08:50
HA NOI  (VNS) — The national stocks continued to plummet yesterday with stiffer rates compared with Tuesday's fall.

On the HCM City Stock Exchange, the VN-Index plunged 3.16 per cent to 518.22 points, with the majority of listed shares going down rapidly.

Trading value surged to VND3 trillion (US$140.8 million), increasing by 20 per cent over Tuesday's session, on a volume of nearly 171.4 million shares.

Of the 30 largest blue chips tracked by the VN30 Index, none managed to post gains. Only Da Nang Rubber (DRC) closed with unchanged values.

Meanwhile, logistics firm Gemadept (GMD), HCM City Securities (HCM) and PetroVietnam Transportation (PVT) hit the bottom. Many others also slid strongly, such as Vinamilk (VNM), real estate giant Vingroup (VIC), PetroVietnam Drilling Services (PVD) and metal producer Hoa Sen (HSG). Southern Rubber Industry (CSM) and software developer FPT (FPT) also saw substantial declines.

The Index closed the day at 3.73 per cent lower, reaching 569.71 points.

The red colour also spread across the Ha Noi Stock Exchange. Its benchmark HNX-Index incurred a 2.45 per cent loss to reach 80.61 points.

Selling pressure drove the total transaction value up by 9.4 per cent to reach VND892.3 billion.

Blue chips in the northern market sent the HNX30 Index down 2.85 per cent to fall at 157.09 points, while the group of construction stocks retreated the most with 3.46 per cent.

Foreign investors continued to be net sellers by a margin of VND91.8 billion ($4.3 million) on both bourses.

The hefty falls were viewed as a continuing domino effect from the recent market turmoil, including the effects of the changes in the world oil prices, which weighed down oil and gas stocks. Circular 36, which prohibits banks from offering securities loans, affected the stock market as well.

However, yesterday's session also provided investors the opportunity to buy, which was reflected by the purchase power demonstrated during the At-the-closing (ATC) session.

In principle, analysts from VietDragon Securities claim that prices in the long term were determined by the intrinsic value of enterprises.— VNS

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