VN-Index slips, awaits US Fed results
Shares dropped slightly on March 15 on the HCM Stock Exchange as investors remained cautious ahead of the results of the US Federal Reserve (Fed) meeting.
Investors watch share movements on a Bao Viet Securities trading floor (Photo: VNA)Hanoi (VNA) - Shares dropped slightly on March 15 on the HCM Stock Exchange
as investors remained cautious ahead of the results of the US Federal Reserve
(Fed) meeting.
The benchmark VN-Index edged down 0.22 percent to close at 713.14 points. The southern market increased 0.64 percent on the previous day. On the Hanoi Stock Exchange, the HNX-Index inched up 0.34 percent to end at 87.45 points.
Blue chips led the downturn as 18 of the 30 largest shares by market value and liquidity slumped and only eight advanced.
The results of the two-day Fed meeting are set to be revealed on March 16 in Vietnamese local time. However, according to analysts, this rate hike, if any, is forecast to have little impact on the emerging and frontier markets.
Unlike the previous two rate hikes, currencies in emerging and frontier markets have maintained positive movements since the end of December until now and there has been no sign of foreign capital withdrawal from these markets.
Investors were calm before Fed’s announcement due to advance warning from the US central bank and stable developments in emerging markets are expected to keep foreign capital inside these countries, said Nguyen The Minh, head of the capital market analysis division at Saigon Securities Inc.
“When the decision is announced, the market will be able to fluctuate. But in my opinion, such volatility will be short term and the market will soon be back to normal,” Minh told the website ndh.vn.
After a surge in the past rallies, shares in developed markets in the EU and United States have become more expensive in comparison with counterparts in emerging markets and foreign funds will unlikely sell off here, Minh added.
On March 15, a total of 178 million shares worth nearly 3.9 trillion VND (171 million USD) were traded in the two Vietnamese exchanges. Foreign investors were net buyers for a combined value of 56 billion VND in the two markets.
Losers included market-leading stocks in financial, energy and steel sectors such as Vietinbank (CTG), Vietcombank (VCB), Military Bank (MBB), Saigon Securities Inc (SSI), PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), Hoa Phat Group (HPG) and Hoa Sen Group (HSG).
After a hot rising streak, many realty shares corrected down, including Hoa Binh Construction (HBC), Novaland Investment (NVL) HCM Infrastructure and Investment (CII), Kinh Bac City Development (KBC), Tan Tao Investment Industry (ITA) and Coteccons Construction (CTD).-VNA
The benchmark VN-Index edged down 0.22 percent to close at 713.14 points. The southern market increased 0.64 percent on the previous day. On the Hanoi Stock Exchange, the HNX-Index inched up 0.34 percent to end at 87.45 points.
Blue chips led the downturn as 18 of the 30 largest shares by market value and liquidity slumped and only eight advanced.
The results of the two-day Fed meeting are set to be revealed on March 16 in Vietnamese local time. However, according to analysts, this rate hike, if any, is forecast to have little impact on the emerging and frontier markets.
Unlike the previous two rate hikes, currencies in emerging and frontier markets have maintained positive movements since the end of December until now and there has been no sign of foreign capital withdrawal from these markets.
Investors were calm before Fed’s announcement due to advance warning from the US central bank and stable developments in emerging markets are expected to keep foreign capital inside these countries, said Nguyen The Minh, head of the capital market analysis division at Saigon Securities Inc.
“When the decision is announced, the market will be able to fluctuate. But in my opinion, such volatility will be short term and the market will soon be back to normal,” Minh told the website ndh.vn.
After a surge in the past rallies, shares in developed markets in the EU and United States have become more expensive in comparison with counterparts in emerging markets and foreign funds will unlikely sell off here, Minh added.
On March 15, a total of 178 million shares worth nearly 3.9 trillion VND (171 million USD) were traded in the two Vietnamese exchanges. Foreign investors were net buyers for a combined value of 56 billion VND in the two markets.
Losers included market-leading stocks in financial, energy and steel sectors such as Vietinbank (CTG), Vietcombank (VCB), Military Bank (MBB), Saigon Securities Inc (SSI), PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), Hoa Phat Group (HPG) and Hoa Sen Group (HSG).
After a hot rising streak, many realty shares corrected down, including Hoa Binh Construction (HBC), Novaland Investment (NVL) HCM Infrastructure and Investment (CII), Kinh Bac City Development (KBC), Tan Tao Investment Industry (ITA) and Coteccons Construction (CTD).-VNA
You should also see
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pool of both domestic and international investors for socio-economic development.
See more
Business
Petrol prices decrease slightly on April 25
The retail prices of petrol were adjusted down from 3pm on April 25 by the Ministry of Industry and Trade and the Ministry of Finance.
Business
Vietnamese canned sugarcane juice favoured in US
The first cases of Vietnamese canned sugarcane juice have hit supermarket shelves in Miami, the US state of Florida.
Business
Labels on foods exported to Singapore must be accurate: Trade counselor
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.
Business
April 25 gold bullion auction cancelled
The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
Business
High airfares create chance for short-distance trips for Reunification Day holiday
Due to a hike of air ticket prices for domestic flights, Vietnamese tourists are turning to short-distance trips for the upcoming National Reunification Day (April 30) and May Day (May 1) holidays.
