VN shares slump for third day

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VN shares slump for third day

Vietnam News - 8/14/2015 8:39:01 AM

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Vietnamese shares fell for a third straight day yesterday amid fears the country's exporters could lose competitiveness because of a sharp depreciation of China's currency.

China's central bank has devalued the yuan by nearly 5 per cent this week. Viet Nam allowed for a 1 per cent devaluation on Wednesday, but investors are worried that move may not be enough to keep local producers competitive with regional rivals.

"China's decision can set a bad precedent in exchange rate management," said Nguyen Van Quy, a stock analyst at FPT Securities Company. "Investors wonder if the Vietnamese central bank will continue to adjust its exchange rate policy."

The benchmark VN-Index on the HCM Stock Exchange lost 10 points, or 1.7 per cent, to close the session at 594.26 points. The index is down almost 8 per cent since peaking at 640 in late July.

"I think the VN-Index will likely move to around 570 to 580 points in the short-term," Quy said

Over 60 per cent of the index's 308 stocks slumped while only 44 shares gained and 78 were unchanged. Liquidity rose slightly from Wednesday, totaling 126.5 million shares worth VND2.25 trillion (US$103.2 million).

On the Ha Noi Stock Exchange, the HNX-Index fell 1.6 per cent to finish yesterday at 81.43 points, the lowest since May 26, 2015. Just 47 stocks rose, 145 declined and 171 were unchanged.

Trading volume dropped 20 per cent from the previous session to VND474.3 billion ($21.8 million).

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