Business

Monetary policy woes weigh on stocks

Trading remained gloomy on domestic stock markets on April 4, following the April 1’s decision by the State Bank of Vietnam to raise a pair of key interest rates, as well as ongoing investor worries that commercial banks may soon be facing a higher compulsory reserves ratio.
Trading remained gloomy on domestic stock markets on April 4, followingthe April 1’s decision by the State Bank of Vietnam to raise a pair ofkey interest rates, as well as ongoing investor worries that commercialbanks may soon be facing a higher compulsory reserves ratio.

Near 60 percent of stocks lost value on April 4 on the HCM StockExchange, sending the VN-Index down 0.42 percent to a close of 457.27points. While the volume of trades rose by 5.6 percent over the previoussession on April 1 to 24.6 million shares, market value remainedanaemic at just 541.2 billion VND (25.8 million USD).

A total of 165 codes declined, 14 of which dropped to their floorprices, including Vietnam Sun Corp (VNS), Seaprodex RefrigerationIndustry Co (SRF), and Mien Dong Co (MDG). Most blue chips also lostvalue, including Sai Gon Securities Inc (SSI), down 2.7 percent;conglomerate Masan Group (MSN), down 2.4 percent; financial conglomerateOcean Group (OGC), down 2.1 percent; developer Hoang Anh Gia Lai (HAG),down 1.1 percent; and developer Vincom (VIC), down 0.8 percent.

Of the leading shares by capitalisation, only software producer FPT managed gains, climbing 4.2 percent.

Onthe Hanoi Stock Exchange , the HNX-Index dropped by over 1 percent toclose at 90.1 points. Volume fell 9.7 percent to 20.5 million shares,worth a combined 311.8 billion VND (14.8 million USD).

Foreigninvestors concluded the day as net buyers, buying a net of 1.4 millionshares on both markets, worth a combined net of 40.4 billion VND (1.9million USD)./.
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