Stock markets bounce back despite slower economic growth

Shares bounced back on September 25 even though the economic outlook was revised. Based on the economic operations during the first eight months of this year, the Asian Development Bank (ADB) trimmed its estimate of Viet Nam's growth by 0.1 percent to 5.5 percent this year and 5.7 percent in 2015.
Shares bounced back on September 25 even though the economic outlook was revised. Based on the economic operations during the first eight months of this year, the Asian Development Bank (ADB) trimmed its estimate of Viet Nam's growth by 0.1 percent to 5.5 percent this year and 5.7 percent in 2015.

The VN-Index on the HCM Stock Exchange halted its eight-day-long decline by adding 0.25 percent to close at 605.10 points.

The trading value remained almost the same as on September 24, at 2.77 trillion VND (130.6 million USD), on a volume of 135.8 million shares.

However, the VN30 Index lost 0.27 percent to end at 653.39 points, dragged down by property developer Vingroup (VIC) which hit the daily loss limit. Meanwhile, more than half of the stocks tracked by the index posted gains. The top gainer was PetroVietnam Transportation (PVT) with a six percent rise. Da Nang Rubber (DRC) and Casumina Rubber (CSM) came next, adding five and three percent respectively.

On the Hanoi Stock Exchange, the HNX Index enjoyed a one percent increase to reach 88.65 points.

If all other indexes fell in the morning, they bounced back at the close of yesterday's session, with the HNX30 Index rising 1.54 percent to stand at 182.34 points.

The transaction value totalled VND1 trillion (47.1 million USD) as 70.3 million shares changed hands.

Foreign investors pushed up their net-selling value by six times to 395.4 billion VND (18.6 million USD) in HCM City, while they bought a net 15.5 billion VND (731,000 USD).

According to Ocean Securities, the losses suffered in the previous sessions were mainly caused by some large-cap stocks, namely PetroVietnam Gas (GAS), VIC and Vinamilk (VNM).

Meanwhile, FPT Securities analysts alleged that the September 25's rally was not stable.-VNA

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