Share declines, foreign sells calm
Shares continued last week’s decline on Dec 5 on national stock exchanges as traders continued to sell riskier assets on fears of a further decline on the back of untamed selling by foreign traders.
Investors keep track of stock movements at a trading platform of Maybank KimEng Securities Co in HCM City (Photo: VNA)Hanoi (VNA) - Shares continued last week’s decline on December 5 on the two national stock exchanges as traders continued to sell riskier assets on fears of a further decline on the back of untamed selling by foreign traders.
The benchmark VN-Index, a measure of 319 stocks on the HCM Stock Exchange, edged down 0.74 percent to close at 660.2 points. It slipped 1.6 percent last week.
On the Hanoi Stock Exchange, the HNX-Index tracking 375 stocks decreased 0.9 percent to stand at 80.5 points. The gauge decreased 0.2 percent in the previous week.
Overall market condition was negative, with 260 of total 691 stocks down while 157 advanced. The other 277 stocks closed flat.
Large-cap stocks were on the defensive with 17 of the top 30 largest shares by market capitalisation on the main bourse in HCM City losing value, and only 8 gaining.
The biggest oil listed stock PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), Sacombank (STB), FLC Faros Construction Corp (ROS) and HCM City Infrastructure Investment (CII) all slipped by more than 2 percent.
Big lenders such as Vietcombank (VCB), Vietinbank (CTG), Military Bank (MBB), BIDV (BID) decreased between 0.6 percent and 1.1 percent.
The db x-trackers FTSE Vietnam ETF late last week announced it was adding CII to its FTSE Vietnam Index in the last quarter of this year and removing four stocks -- Sacombank (STB), Hoang Anh Gia Lai Agricultura (HNG), auto dealer Hoang Huy Investment Services (HHS) and PetroVietNam Low Pressure Gas Distribution (PGD).
Except for HNG that increased marginally, other stocks tumbled.
According to analysts at Investment Vietnam Securities Co, the market often experiences declines in the last month of the year, but would unlikely fall further as share prices are now at bargain level.
“If removing the impact of ROS, the VN-Index was only around 630 points. Besides, the price-earnings ratio (P/E) of the Vietnamese stocks is now at just 15, lower than the peak of 16.5 in the past rally,” analysts wrote in a note.
Declining liquidity in recent sessions indicated that selling pressure was reduced, they added.
Liquidity increased with nearly 225 million shares worth a combined 3.6 trillion VND (158.6 million USD) traded in the two markets, up 32.2 percent in volume and 11.5 percent in value compared to last week’s averages.
Foreign investors reduced their net sells to 21 billion VND on the two exchanges. They were responsible for a total net sell value of 685.5 billion VND last week.-VNA
You should also see
Leaders pay tribute to President Ho Chi Minh on National Reunification Day
Leaders and former leaders of the Party, State, Government, National Assembly (NA), and Vietnam Fatherland Front (VFF) paid tribute to President Ho Chi Minh at his mausoleum in Hanoi on April 26 on the occasion of the 49th anniversary of the Liberation of the South and National Reunification Day (April 30, 1975-2024).
See more
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
