Stocks reversed two days of gains, tumbling on Nov. 24 on official release of November inflation data, which showed that consumer prices had climbed 0.39 percent in a single month.
Shares tread water during the opening minutes of Nov. 24's trading before slumping significantly after about 9.30am, when headlines about the month's inflation rate appeared in the media. After signs of slowing since June, inflation began once again to heat up this month.
"This is the first time in a couple of months that investors have had a sudden reaction to inflation data," commented an analyst for the financial website vietstock.vn.
An investor of a Hanoi-based securities company who asked to remain anonymous said on Nov. 24 that inflation in fact did not affect many small investors who had lost their direction and bought or sold largely based on rumours.
However, some other investors at the same firm suggested that investors on both exchanges were wise not to sell on Nov. 24 as the market was in a consolidation phase. They hoped that new policies from the central bank, expected on Nov. 24 afternoon during the National Assembly session, would spur the market today.
Meanwhile, one investor blamed foreign investors for worsening the market.
"I think the authorities should quickly do something to fix this," he said.
Foreign investors were net sellers on Nov. 24 on both bourses, unloading a combined net of nearly 54 billion VND (2.5 million USD).
On the HCMC Stock Exchange, the benchmark VN-Index retreated 1.75 percent, closing at 381.78 points with only 59 codes adding value. The value of trades fell 15.4 percent from the previous session to 439.2 billion VND (20.6 million USD) on a volume of 29.2 million shares. Of the 10 leading shares by capitalisation, only Eximbank (EIB) managed gains. Shares of real estate developer plunged to their floor price. Sacombank (STB) was the most-active share, with 2.5 million changing hands.
On the Hanoi Stock Exchange, the HNX-Index lost 1.34 percent, falling to 61.27 points. The value of trades decreased by 23 percent to a mere 175.8 billion VND (8.3 million USD) on a volume of only 19.4 million shares, while decliners outnumbered advancers by 171-62. /.
Shares tread water during the opening minutes of Nov. 24's trading before slumping significantly after about 9.30am, when headlines about the month's inflation rate appeared in the media. After signs of slowing since June, inflation began once again to heat up this month.
"This is the first time in a couple of months that investors have had a sudden reaction to inflation data," commented an analyst for the financial website vietstock.vn.
An investor of a Hanoi-based securities company who asked to remain anonymous said on Nov. 24 that inflation in fact did not affect many small investors who had lost their direction and bought or sold largely based on rumours.
However, some other investors at the same firm suggested that investors on both exchanges were wise not to sell on Nov. 24 as the market was in a consolidation phase. They hoped that new policies from the central bank, expected on Nov. 24 afternoon during the National Assembly session, would spur the market today.
Meanwhile, one investor blamed foreign investors for worsening the market.
"I think the authorities should quickly do something to fix this," he said.
Foreign investors were net sellers on Nov. 24 on both bourses, unloading a combined net of nearly 54 billion VND (2.5 million USD).
On the HCMC Stock Exchange, the benchmark VN-Index retreated 1.75 percent, closing at 381.78 points with only 59 codes adding value. The value of trades fell 15.4 percent from the previous session to 439.2 billion VND (20.6 million USD) on a volume of 29.2 million shares. Of the 10 leading shares by capitalisation, only Eximbank (EIB) managed gains. Shares of real estate developer plunged to their floor price. Sacombank (STB) was the most-active share, with 2.5 million changing hands.
On the Hanoi Stock Exchange, the HNX-Index lost 1.34 percent, falling to 61.27 points. The value of trades decreased by 23 percent to a mere 175.8 billion VND (8.3 million USD) on a volume of only 19.4 million shares, while decliners outnumbered advancers by 171-62. /.
