Stocks drop below 890 points

31-Oct-2018 Intellasia | The Saigon Times | 6:00 AM Print This Post

Vietnamese stocks continued their bearish run today, October 29, as the VN Index of the Hochiminh Stock Exchange slid to below the supporting level of 890 points amid sluggish trade.

With 109 stocks rising and 178 others inching down, the main index shed 12 points, or 1.33 percent, compared to last Friday at 888.82, marking the eighth consecutive losing session. Trading volume on the southern market was unchanged from the session earlier, at 140 million shares, while value dropped 11 percent at VND3.2 trillion.

Among the top 10 stocks, consumer goods enterprise MSN was the only stock to move flat while the remaining stocks declined strongly. Gas group GAS took away the most points from the VN Index as it slumped 4.7 percent at VND97,000 while VNM, a dairy company, fell 1.2 percent at VND120,000.

Bank stocks still strongly attracted cash flow. STB came second in terms of liquidity with 5.7 million shares transacted, followed by VPB with 5.3 million shares. Property firm FLC was the most actively traded stock with 5.73 million shares changing hands but dipped a slight 0.4 percent at VND5,000.

JVC, a medical equipment enterprise, stood out among small stocks as it jumped to its ceiling price of VND2,800. According to, the board of directors of JVC at its recent shareholder meeting presented specific solutions to settle debts and spur up its share price to over VND15,000.

The HNX-Index of the Hanoi Stock Exchange fell for the sixth consecutive day, dipping 0.65 percent at 101.13 points. There were 31 million shares worth VND418.8 billion traded at the end of the session, down 14 percent and 1.2 percent against last Friday, respectively.

Lender ACB was the top contributor to the HNX-Index fall, falling nearly 1.1 percent at VND28,000. Its fellow bank SHB also declined 1.3 percent at VND7,500.

Among oil and gas stocks, petroleum technical service firm PVS added 1.6 percent at VND19,100 and led the market by liquidity with over five million shares traded. In contrast, PGS and PLC performed poorly, shedding 3.3 percent and 1.7 percent at VND29,000 and VND17,200, respectively.

Foreign investors turned cautious after the recent index losses. They sharply reduced trading, net selling nearly VND20 billion of shares on the HCM City bourse. They still picked shares of logistics firm GMD while net selling VND22.3 billion worth of shares of property giant VIC.

On the Hanoi exchange, they net bought VND14.6 billion of shares, chiefly those of oil and gas stock PVS and lender SHB.


Category: Stocks, Vietnam

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