Local stocks mixed as Brexit vote loom
Vietnamese shares were volatile and closed mixed on June 22 as investors remained cautious ahead of the vote to decide Britain’s membership in the European Union (EU).
An investor at Sai Gon Securities Inc’s exchange platform. (Photo: VNA)Hanoi (VNA) - Vietnamese shares were volatile and closed mixed on June 22 as investors remained cautious ahead of the vote to decide Britain’s membership in the European Union (EU).
The benchmark VN Index on the HCM Stock Exchange edged down 0.3 percent to finish at 626.41 points after rising 1.4 percent in the previous two sessions.
“Investor confidence was low on June 22 as investors worried about possible negative impacts on Vietnam’s economy in case Britain decides to leave the European Union this Thursday,” Maritime Securities Corp (MSI) wrote in its daily report.
Investors concerned over the decline of major stock markets may switch to other safer financial assets, MSI said.
Most listed companies on Vietnam’s stock markets will suffer if the UK withdraws from the EU as they will face more competition in selling products in Britain and Europe, while a stronger US dollar and Japanese yen will cost local companies more to import raw materials from overseas suppliers, MSI said.
Lower investor confidence pulled blue chips on the southern exchange down from previous day’s gains, including insurer Bao Viet Holdings (BVH), property developer and retail firm Vingroup JSC (VIC), Vietcombank (VCB), Vietinbank (CTG) and the Bank for Investment and Development of Vietnam (BID).
BVH lost 0.8 percent, VIC fell 2.8 percent, VCB edged down 0.4 percent, and CTG and BID dropped 0.6 percent each.
Brokerage companies also helped drive the southern market down. Saigon Securities Inc (SSI) was down 0.5 percent and HCM City Securities Corp (HCM) slid 0.3 percent.
Meanwhile, the HNX Index on the Hanoi Stock Exchange rose 0.4 percent to end at 84.81 points, rallying 1.1 percent in three trading days.
The northern market index received strong support from Vietnam Construction and Import-Export JSC (VCG), which surged 9.2 percent.
Additionally, sugar producers such as Kon Tum Sugar JSC (KTS) and Son La Sugar JSC (SLS) continued to benefit from higher sugar price. KTS jumped 9.9 percent and SLS rose sharply by 6.5 percent.
Energy stocks bolstered investor confidence as oil prices bounced back from losses on June 21. London-traded Brent crude edged up 0.3 percent to trade at 50.75 USD a barrel.
Lower investor confidence also pulled market liquidity down significantly. Investors on both local exchanges traded nearly 165.8 million shares worth 2.89 trillion VND (128.5 million USD), a decrease of 17 percent from previous day’s trading value.-VNA
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