Thursday, November 22, 2018 3:06:41 AM - Markets open
VN-INDEX 922.56 +3.54/+0.39%
HNX-INDEX 103.90 -0.01/-0.01%
UPCOM-INDEX 52.06 +0.00/+0.00%
VN shares slump amid trade war fears - 7/6/2018 10:27:05 AM
 (0 ratings. You must sign in to rate.)
Both main Vietnamese stock indices lost ground Thursday amid profit-taking pressure on trade war fears.
On the Ho Chi Minh Stock Exchange, the VN-Index declined 1.7 per cent to close Thursday at 899.40 points. The southern market saw a brief recovery on Wednesday after a 6-per-cent loss in the first two sessions of the week.
Large caps led the downturn as 24 of the top 30 largest stocks by market value and liquidity slumped and only five advanced.
Bank and oil stocks were the biggest losers.
PV Gas (GAS) plummeted to the floor price, down 7 per cent to VNĐ74,000 (US$3.25) per share, extending the four-day loss to 16.4 per cent. Other oil-related firms such as PetroVietnam Technical Services (PVS), PetroVietnam Drilling Mud (PVC) and PetroVietnam Coating (PVB) dropped between 2.3 per cent and 5.1 per cent.
Big banks like Vietcombank (VCB), Vietinbank (CTG), BIDV (BID), VPBank (VPB) and Military Bank (MBB) plunged 4.6-6.5 per cent each.
“Profit-taking pressure strongly increased amid mounting trade war fears. With low market liquidity and bottom-fishing demand at present, the market is likely to decline in the next sessions,” said Trần Đức Anh, a stock analyst at Bảo Việt Securities Co.
About 143 million shares worth VNĐ3.67 trillion ($161 million) were traded in the HCM City’s market.
On the Hà Nội Stock Exchange, the HNX-Index also returned to declines, falling 3.6 per cent to end at 96.39 points.
The northern shares have suffered seven declining sessions out of the last eight trading days. The HNX-Index has lost over 14 per cent since June 25.
Major stock indices in the Asian market fell on Thursday amid rising trade tension between the United States and China. China said on Thursday it would retaliate with tariffs on US products as the US will officially impose tariffs on $34 billion worth of Chinese goods on Friday.
“In our view, the US government is only seeking advantages at the negotiating table, but these minor conflicts are still substantial risks that need to be carefully monitored in the near future,” Anh wrote in a Thursday report.
Recent moves of the US and China will determine whether a large-scale trade war will take place and have a direct impact on global stocks, Anh said.
Foreign investors were net sellers on HCM City’s bourse on Thursday for a total value of VNĐ232.4 billion, but they were net buyers in Hà Nội for a modest value of nearly VNĐ17 billion. — VNS
Read original article here
Newer News
19/11 Market short-term outlook remains negative
15/11 New securities law sparks concerns from expert
08/11 New securities law is a better fit
23/10 Technology continues to attract investment
22/10 Corporate earnings could boost market morale
18/10 Real estate stocks might peak in first half of 2019
15/10 Bull trap doesn’t mean stable rally: analysts
13/10 Viet Nam shares recover after sharp global falls
09/10 VN-Index breaks 1,000 point level again
04/10 Reference exchange rate continues to rise
Older News
05/07 VN stocks rebound on bottom-fishing
04/07 Selling pressure drives market down
03/07 Indices fall on week’s first trading day
29/06 VN stocks decline for third day
28/06 Local stocks fall at last minute
26/06 VN-Index opens week up, liquidity remains weak
25/06 Việt Nam remaining a frontier market: MSCI
23/06 Energy, bank shares boost bourses
22/06 Shares close in red on selling pressure
20/06 VN stocks drop amid weak investor sentiment
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 3:11:17 PM
VN-INDEX 922.56 +3.54/+0.39%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.