Stock values, volumes plunge despite declining fuel prices
A sluggish mood overshadowed the market on June 21, pushing down stocks on both national exchanges.
A sluggish mood overshadowed the market on June 21, pushing down stocks on both national exchanges.
Despite the Consumer Price Index (CPI) declining slightly in Hanoi and Ho Chi Minh City during June, the benchmark VN-Index gave up 0.4 percent to close yesterday's session at 431.14 points.
Trading value improved by 11 percent over the previous session, however, reaching 687 billion VND (32.7 million USD) on a total volume of 44 million shares.
Blue chips slumped as 22 of the top 30 shares by market value and liquidity sank while only four climbed.
Vietcombank (VCB), Vietinbank (CTG) and property developer VinGroup (VIC) increased by just 0.3-1 percent, but on the other end of the spectrum, Ocean Group dropped to the floor price, Sacombank (STB) fell 2.2 percent while Vinamik (VNM) and insurer Bao Viet Holdings (BVH) closed down over 1 percent.
The VN30 Index slid 0.42 percent to 504.71 points.
Without supporting news, Duc Long Gia Lai Group (DLG) surprised the market by becoming the most active stock on a total trade of 4 million shares, but the stocks sank 4.2 percent to settle at 9,200 VND (0.44 USD) a pop.
"Market movement today showed that the news about the June CPI and a possible domestic gasoline price cut did not support investor sentiment," Nguyen Xuan Binh, analyst at Bao Viet Securities Co, wrote in a research note.
"The decrease in the June CPI may show the possibility of deflation, considered a negative sign during economic recession," he added.
On the afternoon of June 21, the petrol price again decreased by 700 to 21,200 VND (1.01 USD USD) per litre. While it is the forth time fuel prices had been reduced in the past two months, analysts said the decision will have little impact on the market.
On the Hanoi Stock Exchange, the HNX-Index also declined 0.62 percent to conclude at 73.90 points as losers outnumbered gainers by 125-80.
Poor trading dragged market volume down to only 25.3 million shares worth a total 274 billion VND (13 million USD). PetroVietnam Construction (PVX) remained the most active code with 3.5 million shares changing hands, shedding 1.9 percent to a close of 10,200 VND (0.49 USD) per stock.
Foreign investors ended their net sell run by concluding the trading session as net buyers on both exchanges, picking up a combined 24 billion VND (1.1 million USD) worth of shares.-VNA
Despite the Consumer Price Index (CPI) declining slightly in Hanoi and Ho Chi Minh City during June, the benchmark VN-Index gave up 0.4 percent to close yesterday's session at 431.14 points.
Trading value improved by 11 percent over the previous session, however, reaching 687 billion VND (32.7 million USD) on a total volume of 44 million shares.
Blue chips slumped as 22 of the top 30 shares by market value and liquidity sank while only four climbed.
Vietcombank (VCB), Vietinbank (CTG) and property developer VinGroup (VIC) increased by just 0.3-1 percent, but on the other end of the spectrum, Ocean Group dropped to the floor price, Sacombank (STB) fell 2.2 percent while Vinamik (VNM) and insurer Bao Viet Holdings (BVH) closed down over 1 percent.
The VN30 Index slid 0.42 percent to 504.71 points.
Without supporting news, Duc Long Gia Lai Group (DLG) surprised the market by becoming the most active stock on a total trade of 4 million shares, but the stocks sank 4.2 percent to settle at 9,200 VND (0.44 USD) a pop.
"Market movement today showed that the news about the June CPI and a possible domestic gasoline price cut did not support investor sentiment," Nguyen Xuan Binh, analyst at Bao Viet Securities Co, wrote in a research note.
"The decrease in the June CPI may show the possibility of deflation, considered a negative sign during economic recession," he added.
On the afternoon of June 21, the petrol price again decreased by 700 to 21,200 VND (1.01 USD USD) per litre. While it is the forth time fuel prices had been reduced in the past two months, analysts said the decision will have little impact on the market.
On the Hanoi Stock Exchange, the HNX-Index also declined 0.62 percent to conclude at 73.90 points as losers outnumbered gainers by 125-80.
Poor trading dragged market volume down to only 25.3 million shares worth a total 274 billion VND (13 million USD). PetroVietnam Construction (PVX) remained the most active code with 3.5 million shares changing hands, shedding 1.9 percent to a close of 10,200 VND (0.49 USD) per stock.
Foreign investors ended their net sell run by concluding the trading session as net buyers on both exchanges, picking up a combined 24 billion VND (1.1 million USD) worth of shares.-VNA
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