Shares down amid margin worry
Vietnamese shares declined on November 6 as investors eyed an increase in trading on margin in some securities firms.
Illustrative Image (Source :kinhtevadubao)On the Ho Chi Minh Stock Exchange, the VN-Index edged down 0.5 percent to close at 612.4 points. It gained 0.8 percent in the previous session.
Meanwhile, the HNX-Index in the Hanoi's market decreased over 0.4 percent to finish at 81.5 points after inching up 0.2 percent on November 5.
According to some reports in the local media, loans to investors to trade on margin in four big securities companies - including Saigon Securities Inc, HCM Securities Corp, VNDirect Securities Co and Sai Gon-Hanoi Securities Co - have reached over 2 trillion VND (89.3 million USD) each.
Many large-cap stocks slumped on November 6, including insurer Bao Viet Holdings (BVH), Vietinbank (CTG), real estate giant VinGroup (VIC), PV Gas (GAS), software producer FPT Corp (FPT) and confectionery Kinh Do Corp (KDC).
In positive news, the Ministry of Finance on the same day issued the list of products subject to the tariff reduction schedule when the Trans-Pacific Partnership is officially signed and takes effect. About 78 percent to 95 percent of import tariffs imposed on Vietnamese goods will be removed right after the agreement takes full effect or after 3 to 5 years, including key export items like textiles, footwear, electronics, agricultural goods and rubber.
Textile shares reacted positively to the information.
Garmex Saigon Co (GMC) rose by the daily limit of 7 percent while Thanh Cong Textile and Investment Co (TCM) and TNG Investment Co (TNG) increased 2.3 percent and 1.5 percent, respectively.
However, overall market condition was negative with over 42 percent of total 680 trading stocks declined while only 23 percent advanced.
Liquidity increased on November 6. The market volume climbed 18 percent over the previous day to over 156 million shares while the value of trades soared over 27 percent to reach 2.8 trillion VND (125 million USD).-VNA
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