Thursday, March 28, 2024 4:05:04 PM - Markets open
VN-INDEX 1,290.18 +7.09/+0.55%
HNX-INDEX 243.92 +1.07/+0.44%
UPCOM-INDEX 91.48 +0.30/+0.33%
Shares plummet on GDP growth record low and surges in COVID-19 fatalities
Vietnam News - 6/30/2020 1:24:58 PM
 (0 ratings. You must sign in to rate.)
Local shares tumbled on Monday as the second-quarter GDP growth record low and the relentless spread of coronavirus hit market sentiment.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange dived 2.65 per cent to close at 829.36 points.
 
The VN-Index lost total 1.91 per cent last week.
 
Nearly 390 million shares were traded on the southern exchange, worth VNĐ5.6 trillion (US$242 million).
 
The market tumbled after the General Statistics Office (GSO) reported on Monday morning Việt Nam’s GDP growth was recorded at a 10-year low of 1.81 per cent in the first half of this year as the economy was ravaged by COVID-19.
 
GSO also reported that GDP rose by just 0.36 per cent year-on-year in the second quarter, which was the lowest since quarterly records began in Việt Nam 30 years ago.
 
“Market sentiment can also be negatively affected due to external factors including the second wave of COVID-19 infections returning in some countries derailing efforts by governments to reopen economies and ease lockdown restrictions, while the US - China trade tensions continued to escalate,” said Lê Anh Tùng, market & macro strategist at KB Securities Vietnam (KBSV).
 
The global fatalities from COVID-19 totalled half a million people on Sunday, a quarter of which were in the US, according to Reuters.
 
According to Ngô Quốc Hưng, professional senior market researcher in the Market Strategy Division of MBS Securities, the market technically has reached a short-term peak in both indices and liquidity, therefore the appearance of a correction period is necessary and inevitable.
 
“The VN-Index is likely to retest the support range from 832 to 836 points in the upcoming sessions. If it can retain this support area, the uptrend will continue with some fluctuations in a narrow range and low liquidity. Conversely, in case the support area is penetrated, investors must be very cautious,” Hưng said.
 
The blue-chip tracker VN30-Index Monday fell 2.6 per cent to 774.81 points with 28 of the 30 largest stocks by market value and trading liquidity ending in the red.
 
Only construction firm Coteccons (CTD) advanced 4.8 per cent and Vietnam Export Import Commercial Joint Stock Bank rose 1.4 per cent while the worst-hit large-cap stocks included insurer Bảo Việt Holdings (BVH), FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), consumer staples firm Masan (MSN), giant conglomorate Vingroup (VIC), Vinhomes (VHM), dairy producer Vinamilk (VHM), Vincom Retail (VRE) and Mobile World Group (MWG).
 
Banking stocks also performed poorly with decliners including Asia Commercial Bank (ACB), Vietinbank (CTG), Bank for Investment and Development of Vietnam (BID), Vietcombank (VCB), Military Bank (MBB) and VPBank (VPB).
 
The minor HNX-Index on the Hà Nội Stock Exchange plunged 2.76 per cent to end Monday at 110.32 points.
 
The northern market index declined by total 1.65 per cent last week. — VNS
 
Read original article here
 
Newer News
23/03 Shares sustain gains on strong investor confidence
20/03 Vietnamese securities companies race to boost capital amid high market demand
19/03 Large-caps pressured as increased profit-taking drives share decline
18/03 Market likely to be affected by Fed's meeting this week
18/03 Investors show strong interest in dividends at annual shareholders' meetings
15/03 VN-Index corrects, liquidity stays high
14/03 Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
13/03 Market rebounds from cautious sentiment
12/03 Losses in bank stocks weigh on market sentiment
12/03 ETFs continue to see strong outflows of foreign capital
Older News
29/06 July to be a hard month for Vietnamese shares
27/06 VN stocks end week lower on large-cap decline
26/06 VN stocks drop for a third day
18/06 Shares retreat on divergence of large-caps
18/06 Decree drafted to empower SSC to halt market trading
16/06 Shares suffer virus second-wave fears
15/06 Local stocks to struggle with increased caution
12/06 VN shares post biggest loss in two months
10/06 VN stocks off from 3-month high, dragged by banks and retailers
10/06 New traders flock to market
 
Newsletter Signup
Top Stories
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
VN-Index corrects, liquidity stays high
Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
Market Update
Last updated at 3:05:00 PM
VN-INDEX 1,290.18 +7.09/+0.55%
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...
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.