Tuesday, December 24, 2024 9:19:47 AM - Markets open
VN-INDEX 1,262.76 0.00/0.00%
HNX-INDEX 228.76 +0.25/+0.11%
UPCOM-INDEX 93.93 +0.21/+0.23%
VN stocks lose ground on recession worries
Vietnam News - 3/17/2020 1:24:13 PM
 (0 ratings. You must sign in to rate.)
Vietnamese shares dropped further on Monday as worries about the developing coronavirus pandemic and its economic impacts dominated the news.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange lost 1.83 per cent to end at 747.86 points.
 
The VN-Index lost a total of 14.5 per cent last week.
 
The HNX-Index on the Hà Nội Stock Exchange was down 1.74 per cent to close at 99.62 points.
 
The northern market index tumbled a total of 10.8 per cent last week.
 
Nearly 333.5 million shares were traded on the two exchanges, worth VNĐ5 trillion (US$215.7 million).
 
The figure included more than 247 million shares being traded through the order-matching method, worth VNĐ3.43 trillion.
 
Selling pressure pounded large-cap stocks and dragged the VN30-Index and HNX-Index down 2.58 per cent and 0.74 per cent, respectively.
 
In the VN30 basket, 24 of the 30 largest stocks by market capitalisation and trading liquidity declined while only four advanced.
 
Phú Nhuận Jewellery JSC (PNJ), sugar producer Thành Thành Công-Biên Hòa JSC (SBT) and VPBank (VPB) were hammered as they plunged 6.9-7.0 per cent each.
 
Other large-cap stocks that were also hit strongly by selling pressure included Vietinbank (CTG), Bank for Investment and Development of Vietnam (BID), HDBank (HDB) and Coteccons Construction Corp (CTD).
 
Market sentiment remained weak despite the US Federal Reserve cutting its lending rate to near zero per cent on Sunday, MB Securities Co (MBS) said in a note.
 
Similar actions taken by other central banks was not enough to boost market sentiment.
 
Unpredictable developments of the coronavirus pandemic COVID-19 and its impact on the global economy and equity markets were weighing on investor sentiment, MBS said.
 
Foreign investors were net-sellers, adding to market woes, the company said.
 
Foreign investors on Monday net-sold a total of VNĐ420 billion. They have offloaded a total of nearly VNĐ4 trillion this month and nearly VNĐ5.15 trillion since the beginning of the year.
 
Monday's decline proved investors were still panicked that the disease would last longer than expected and a global economic recession was likely, Thành Công Securities Co (TCSC) said in its daily report.
 
The Vietnamese market would continue to struggle in the short term until positive signs appeared in the fight against COVID-19, the company forecast. — VNS
 
Read original article here
 
Newer News
16/12 Open-end funds outperform amid stock market challenges in 2024
12/12 Market declines for the third consecutive session
12/12 Market continues slight correction as VN-Index slips below 1,270 points
10/12 Stock market starts the second week of December on a positive note
10/12 Corporate bond market sees steep issuance decline amid persistently high default rates
09/12 Finance ministry to use AI in stock market surveillance
09/12 Realty stocks see signs of recovery
05/12 Pharma stocks on the rise
02/12 Public investment stocks face challenges
02/12 Positive short-term signals emerge in Vietnam’s stock market
Older News
16/03 Market analysts expect unstable trade this week
13/03 Shares tumble over WHO declaration of COVID-19 pandemic
12/03 Shares nosedive, VN-Index worstperforms in Asia
11/03 VN-Index rebounds after Monday’s crash
10/03 Foreign investors withdraw $147.7m in 20 days
10/03 VN-Index hits rock bottom in past 18 years
08/03 Shareholders’ meetings to proceed as usual, say firms
02/03 VASB proposes tax cut to increase trading liquidity
02/03 Shares may continue falling as no signs of disease control
25/02 Widespread disease slams the stock market
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 9:14:59 AM
VN-INDEX 1,262.76 0.00/0.00%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
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...
Portfolio
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.