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Rising virus death toll weighs on market
Vietnam News - 2/11/2020 2:35:35 PM
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Vietnamese markets started the week on a negative note in line with their regional counterparts as news of mounting coronavirus fatalities made headlines.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange lost 1.07 per cent to close at 930.73 points.
Market liquidity decreased compared to previous sessions, with nearly 154 million shares traded on the southern bourse for VNĐ2.75 trillion (US$118.4 million).
The market breadth was negative as declining stocks outnumbered gainers by 220 to 122.
More than 900 people in China have died from the virus, far exceeding that caused by the severe acute respiratory syndrome, or SARS, in the 2002–03 epidemic. That outbreak, which also originated in China, killed 774 people worldwide.
Shares across Asia witnessed a poor performance.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent. Japan’s Nikkei slipped 0.6 per cent, South Korea’s KOSPI lost 0.5 per cent while Australia’s benchmark index also retreated.
In the local market, investor sentiment was dampened as they reacted to the possibility of a coronavirus pandemic.
The worst-hit sectors included mining and energy, transportation and logistics, agriculture and aquaculture, seafood processing, aviation and tourism, retail, and food and beverage.
Banking and finance, technology, retail and real estate were also affected by bad market sentiment.
Coronavirus, its development and its impact on the global economy, would still be the major concern for investors, traders and market regulators, said experts at MB Securities Corp's (MBS).
Pillar stocks were sold off almost simultaneously and closed below their reference levels, including Bank for Investment and Development (BID) (-5 per cent), Vietcombank (VCB) (-1.2 per cent), real estate developer  Vinhomes (VHM) (-0.9 per cent), Vingroup (VIC) (-0.6%), dairy firm Vinamilk (VNM) (-1.1 per cent), retail Vincom Retail (VRE) (-2.8 per cent), budget carrier Vietjet (VJC) (-1.7 per cent), Vietinbank (CTG) (-1.1 per cent) and Techcombank (TCB) (-1.4 per cent).
According to Bảo Việt Securities Co, the VN-Index was showing signs of forming a trading range between 920-922 points and 936-942 points in the short term. A breakout from those limits may cause market fluctuations.
“The index is forecast to drop to the support zone 920-922 points in the short term, where a recovery is expected. However, in a negative scenario, if the aforementioned support zone is violated, the index could plunge to the important support zone of around 898 points.”
“The nCoV epidemic remains complicated with no signs of control, therefore, investors should watch out for its negative impacts on the stock market,” the company said.
On the Hà Nội Stock Exchange, the HNX-Index dropped 0.9 per cent to end at 103.97 points.
More than 44.7 million shares were traded on the northern bourse for VNĐ479.5 billion. — VNS
Read original article here
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