Blue chips undercut market again

Shares widened their losses on the afternoon of July 31 as blue chips fell on rising precaution about the market outlook.
Blue chips undercut market again ảnh 1Data is updated at the Ocean Securities Company (Photo:VNA)

Shares widened their losses on the afternoon of July 31 as blue chips fell on rising precaution about the market outlook. 

"Investors preferred standing on the defensive line when the market outlook was unclear to protect their portfolios," analysts of FPT Securities Co said on the company's website. 

On the HCM Stock Exchange, the VN-Index lost 0.88 per cent to close the session at 621.06 points. 

Blue chips led the downturn as banks, insurers, oil and gas shares - market drivers in previous rallies - all tumbled. 

Vietcombank (VCB), the biggest stock in terms of market value, dropped 2.2 percent while other banks like Military Bank (MBB), Eximbank (EIB), Vietinbank (CTG) and BIDV (BID) lost between 0.6-1.5 percent in value. 

Insurers took a steeper dive. Bao Viet Holdings (BVH) declined 4.6 percent. Bao Minh Insurance (BMI) and BIDV Insurance (BIC) tumbled 1.8 and 3.5 percent respectively. 

The VN30, which tracks the top 30 shares, fell 0.67 percent to end at 647.36 points. 

Overall, the market condition was negative with 94 shares rising, 120 decreasing and 92 unchanged. 

Liquidity continued to slide as both market volume and value dropped 10 per cent from Thursday, ending with 113 million shares worth 2.1 trillion VND (96.3 million USD). 

HCM City Infrastructure Investment Co (CII) led in market volume with 7 million shares traded, but its price declined 1.14 per cent to settle at 26,000 VND (1.19 USD). 

On the Hanoi Stock Exchange, the HNX-Index fell 0.79 per cent to finish the day at 85.13 points. Advancers outnumbered decliners by 102 to 76 and 180 shares finished flat. 

Trading volume was little changed at 35.5 million shares but value of trades declined 10 per cent to reach 450 billion VND (20.6 million USD). 

The two most active stocks - FIT Invesment Co (FIT) and Kim Vi Inox Import Export Prodution (KVC) - reported trades of over 3 million shares on July 31, but with declining values by 1.63 percent and 0.38 percent respectively. 

Foreigners' stronger buys failed to lift the market. They were responsible for a combined net buy value of 57 billion VND (26 million USD) worth of shares in the two markets on July 31.-VNA

See more

The Vietnamese section of the Monsoon – Thanh My 500kV transmission line project (Photo: VNA)

500kV transmission line from Laos energised

The Monsoon – Thanh My 500kV transmission line project is designed to import electricity from Laos’ Monsoon wind power plant to Vietnam, adding 600 MW to the national power grid during the 2024–2025 period.​

The entrance gate to Hanoi’s Ciputra Urban Area, where banks are selling apartments and villas. (Photo: cafef.vn)

Banks selling mortgaged assets to recover bad debts

The Viet Dragon Securities Company (VDSC) said that bad debts might continue to increase slightly this year, after a circular allowing banks to reschedule debt repayment periods and maintain the debt group for certain sectors expired at the end of 2024.

Vietnamese Ambassador to Argentina Bui Van Nghi (th fourth from the fright) in the meeting with Governor of Brazil's Espirito Santo state Renato Casagrande. (Photo: VNA)

Vietnam seeks to set up cooperation with Brazilian locality

In his meeting with Governor of Brazil's Espirito Santo Renato Casagrande, Ambassador to Argentina Bui Van Nghi Bui Van Nghi valued the potential for cooperation between the two sides, particularly in priority areas such as tourism, information technology, hi-tech agriculture, and seaport.

Remittances to Vietnam in 2024 are estimated at about 16 billion USD, maintaining the record-high levels seen in 2023. (Photo: VNA)

Remittances surge as Tet approaches

According to the State Bank of Vietnam’s Ho Chi Minh City branch, 9.6 billion USD, or 60% of the total remittances, flew through financial institutions, representing a 140 million USD increase from the previous year.

Bank lending in HCM City achieves high growth last year. (Photo courtesy of ABBANK)

Banks' credit up 11.3% in HCM City in 2024

Total outstanding loans of credit institutions in Ho Chi Minh City as of the end of last year were worth over 3.9 quadrillion VND (153.3 billion USD), a 11.3% increase for the year, according to the central bank.

Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year. (Photo: https://doanhnhansaigon.vn)

Remittances to HCM City surge ahead of Tet

Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's HCM City branch.

Illustrative photo (Photo: VNA)

Retail petrol prices down in latest adjustment

The price of E5RON92 bio-fuel was priced at 20,592 VND (0.82 USD) per litre, representing a 158 VND decrease from the previous baseline, while RON95-III decreased to 21,142 VND per litre, down 78 VND.