Stock markets extend losing streaks

12-Sep-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Most of bluechip stocks on both HCM City and Hanoi markets continued to put in poor performances during today’s session, extending the losing streaks of both indexes.

On the Hochiminh Stock Exchange (HOSE), the number of bluechips traded in positive territory was less than 10, with only consumer goods firm MSN and construction firm ROS gaining roughly 2%. ROS also led the southern bourse by liquidity with over 11 million shares changing hands, far outperforming the runner-up, lender STB, which saw five million shares traded.

Pillar stocks in various sectors, from banking, oil, and property to industrial zones and textile-garment all recorded sluggish trade, contributing to the decline of VN Index in the HCM City market.

With 107 gainers and 201 losers, the benchmark index fell 3.86 points, or 0.4%, against the previous session to 970.26. Over 160 million shares worth over VND3.9 trillion were transacted, up 4 percent and 3%, respectively.

As for advancers, food producer NAF saw its liquidity sharply surging, with almost 0.46 million shares changing hands, following an announcement that NAF board chair Nguyen Manh Hung will purchase over 10.55 million NAF shares from September 12 to October 11.

On the northern bourse, HNX-Index extended its fall and lost the resistance level of 100 points. The index slipped 0.88 point, or 0.87%, to stay at 99.97, with 52 stocks advancing and 80 others falling.

Alongside the sharp declining bluechip PVS, brokerage firm SHS decreased over 4 percent to VND6,400.

SSI Research in a report released today forecast that the local stock market this month will face further complicated developments, affected by transactions of foreign investors and macro economic issues.

The positive picture is expected to emerge as the US and China have confirmed they will resume negotiations in October. Further, Fed may continue to cut down interest rate in an upcoming meeting scheduled on September 17 and 18.

In the local market, business results of listed companies in the third quarter, coupled with information involving three new sub-indexes of HOSE, including Vietnam Diamond Index, Vietnam Leading Financial Index and Vietnam Select Sector Index, will serve as supporting news for the stock market.


Category: Stocks, Vietnam

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