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VN stocks tumble on international pressure
Vietnam News - 5/25/2019 3:26:25 PM
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Vietnamese shares tumbled on Friday as investors lost patience amid rising concerns over the US-China trade war.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange dropped 1.29 per cent to close at 970.03 points.
 
The VN-Index has lost a total of 1.73 per cent in the last four trading days, breaking through its expected support of 980 points.
 
That went against previous forecasts from securities firms before Friday’s session opened.
 
The VN-Index was down 0.66 per cent this week.
 
More than 168 million shares were traded on the southern bourse, worth VNĐ4.02 trillion (US$172.8 million).
 
Large-cap stocks were the main factor that dragged the market down.
 
The large-cap VN30-Index plunged 1.18 per cent to end at 884.48 points.
 
In the VN30 basket, 19 of the 30 largest stocks by market value and trading liquidity declined.
 
Among losers were food and beverage producer Masan (MSN), Eximbank (EIB), PetroVietnam Gas (GAS), property firm Vinhomes (VHM) and SSI Securities Inc (SSI).
 
Those companies’ sector indices dropped between 1.4 per cent and 3 per cent, data on vietstock.vn showed.
 
Selling pressurised large-cap stocks, especially when foreign investors net-sold VNĐ285.4 billion worth on the southern market, Thành Công Securities Co (TCSC) said in its daily report.
 
Strong foreign selling created negative impacts and made it more difficult to predict how the market would move in short term future, the company said.
 
Global investors were still keeping a cautious stance towards the US-China trade war with focus on Chinese technology firms, including Huawei.
 
According to BIDV Securities Corp (BSC), the correction continued as both domestic and international markets were vulnerable because of the unpredictable developments from the US-China trade tension.
 
Investors also worried about the global economic growth, which would be affected by the trade war, BSC said.
 
The market may continue falling in the short term because the VN-Index has lost its technical support (of 980 points), according to MB Securities Co (MBS).
 
The VN-Index may move between 950 points and 980 points in the near term, and trading would get more and more difficult, MBS said.
 
On the Hà Nội Stock Exchange, the HNX-Index fell 0.86 per cent to end at 105.39 points.
 
The northern market index has declined by total 0.38 per cent through the week.
 
More than 32 million shares were traded on the northern bourse, worth VNĐ426.5 billion. — VNS
 
 
Read original article here
 
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21/07 VN stocks to struggle amid mixed corporate earnings
19/07 VN stocks fall, mounting sell pressure hits large-caps
16/07 HOSE releases updates for VN30 basket
15/07 Calls for insider traders to be dealt with criminally
12/07 Shares extend rally on credit growth limit relaxation
11/07 Shares advance for second day on foreign buying
10/07 Deutsche Bank's restructuring not expected to harm VN market
09/07 Securities firms warn listed businesses may struggle to meet EVFTA standards
08/07 VN stocks may keep rising, driven by corporate earnings
05/07 Transparency needed for healthier corporate bond market
Older News
24/05 VN stocks largely spared from trade war worries
23/05 VN stocks fall for a second day
21/05 Oil uptrend lifts VN stocks for seventh day
20/05 Market to face difficulties while VN-Index approaching 980 points
17/05 VN-Index rises despite selling pressure
16/05 VN-Index rises for third straight day
14/05 VN-Index ends in green on week’s first trading day
14/05 Hanoi Stock Exchange delists companies
13/05 VN stocks expected to decline, hopes rest on banks
13/05 Securities trading codes issued for more than 350 foreign investors in April
 
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