Bad news sends shares plunging
The VN-Index tracked a dramatic overnight decline on Wall Street and
plummeted on Oct. 20 by nearly 2.7 percent, closing at 442.17 points.
The VN-Index tracked a dramatic overnight decline on Wall Street and
plummeted on Oct. 20 by nearly 2.7 percent, closing at 442.17 points.
The volume of trades on the HCM Stock Exchange rose 23 percent over Oct.19's session, meanwhile, to 40.6 million shares, worth a combined 995.8 billion VND (51 million USD). The decline was further driven by news released on Oct. 20 that inflation in Hanoi had reached an eight-month high in October, while rumours about a pending devaluation of the dong – despite on Oct. 20's firm denials from the State Bank of Vietnam – also continued to put pressure on shares. The US dollar continued to trade on the black market at over 20,000 VND per dollar.
Over 50 of the 268 stocks listed on the HCM Stock Exchange plunged to their floor prices on October 20, including Song Da Urban, Industrial Zone Investment & Development (SJS), Industrial Urban Development Co No 2 (D2D), and Cuu Long Pharmaceutical (DCL).
Only Descon Construction (DCC) managed to swim against the tide, gaining 1.2 percent on the day to close at 26,800 VND, after the company won the contract to build Hiep Phuoc Electronic Plant No 1.
On the Hanoi Stock Exchange, the HNX-Index dropped by an even more dramatic 3.67 percent to end the session at 112.28 points. Value remained modest at 662.8 billion VND (34 million USD), on a total volume of 35.6 million shares.
Nearly 100 listed stocks hit their floor prices, including PetroVietnam-Nghe An Construction (PVA), Thai Binh Cement (TBX), and Song Da Urban Investment & Development (SDU)./.
The volume of trades on the HCM Stock Exchange rose 23 percent over Oct.19's session, meanwhile, to 40.6 million shares, worth a combined 995.8 billion VND (51 million USD). The decline was further driven by news released on Oct. 20 that inflation in Hanoi had reached an eight-month high in October, while rumours about a pending devaluation of the dong – despite on Oct. 20's firm denials from the State Bank of Vietnam – also continued to put pressure on shares. The US dollar continued to trade on the black market at over 20,000 VND per dollar.
Over 50 of the 268 stocks listed on the HCM Stock Exchange plunged to their floor prices on October 20, including Song Da Urban, Industrial Zone Investment & Development (SJS), Industrial Urban Development Co No 2 (D2D), and Cuu Long Pharmaceutical (DCL).
Only Descon Construction (DCC) managed to swim against the tide, gaining 1.2 percent on the day to close at 26,800 VND, after the company won the contract to build Hiep Phuoc Electronic Plant No 1.
On the Hanoi Stock Exchange, the HNX-Index dropped by an even more dramatic 3.67 percent to end the session at 112.28 points. Value remained modest at 662.8 billion VND (34 million USD), on a total volume of 35.6 million shares.
Nearly 100 listed stocks hit their floor prices, including PetroVietnam-Nghe An Construction (PVA), Thai Binh Cement (TBX), and Song Da Urban Investment & Development (SDU)./.
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