Stocks decline despite rate cut
Stocks tumbled on March 12 on both of the nation's stock exchanges,
even as the central bank announced that it would cut key interbank rates
by 1 percent effective on March 13.
Stocks tumbled on March 12 on both of the nation's stock exchanges,
even as the central bank announced that it would cut key interbank rates
by 1 percent effective on March 13.
Analysts said that news of the anticipated rate cut wasn't strong enough to buoy the market since the expectation of lower interest rates had already been built into prior gains.
On the HCM Stock Exchange yesterday, the VN-Index extended last week's decline with a loss of 0.95 percent, concluding the session at 428.02 points. The VN30 Index, which tracks the performance of the 30 leading shares by capitalisation and market volume, also closed down by 1.95 percent to 477.54 points.
Decliners outnumbered advancers during the session by a margin of about three-to-one. Of 190 shares shedding value, 99 plunged to the floor.
Bank shares continued to fall with four out of five listed banks declining. Vietinbank (CTG) dropped to the floor while others declined by 1.2-3.9 percent. Military Bank (MBB) and Sacombank (STB) led the market by volume with over 7 million shares traded each, but while STB closed up by 4.1 percent, MBB shares finished down by 3.36 percent.
As investors became more cautious, market value shrank by 23 percent compared to March 9's level, totalling 1.15 trillion VND (54.8 million USD) on a volume of nearly 74.8 million shares.
On the Hanoi Stock Exchange, the HNX-Index also slid by 3.21 percent to close on March 12's session at 69.26 points. Volume fell 15.4 percent from March 9's session to just 59 million shares, while value of trades dropped by 17.5 percent to 551.86 billion VND (26.3 million USD).
Losers outnumbered gainers by 201-83, with PetroVietnam Construction (PVX) becoming the most-active share with 6.2 million traded. PVX closed down 5.1 percent to 9,300 VND per share.
Foreign investors concluded as net buyers on the HCM bourse, picking up 43 billion VND (2 million USD) worth of shares, but they were net sellers on the Hanoi bourse, responsible for a net sale of shares worth 16.3 billion VND (776,200 USD).-VNA
Analysts said that news of the anticipated rate cut wasn't strong enough to buoy the market since the expectation of lower interest rates had already been built into prior gains.
On the HCM Stock Exchange yesterday, the VN-Index extended last week's decline with a loss of 0.95 percent, concluding the session at 428.02 points. The VN30 Index, which tracks the performance of the 30 leading shares by capitalisation and market volume, also closed down by 1.95 percent to 477.54 points.
Decliners outnumbered advancers during the session by a margin of about three-to-one. Of 190 shares shedding value, 99 plunged to the floor.
Bank shares continued to fall with four out of five listed banks declining. Vietinbank (CTG) dropped to the floor while others declined by 1.2-3.9 percent. Military Bank (MBB) and Sacombank (STB) led the market by volume with over 7 million shares traded each, but while STB closed up by 4.1 percent, MBB shares finished down by 3.36 percent.
As investors became more cautious, market value shrank by 23 percent compared to March 9's level, totalling 1.15 trillion VND (54.8 million USD) on a volume of nearly 74.8 million shares.
On the Hanoi Stock Exchange, the HNX-Index also slid by 3.21 percent to close on March 12's session at 69.26 points. Volume fell 15.4 percent from March 9's session to just 59 million shares, while value of trades dropped by 17.5 percent to 551.86 billion VND (26.3 million USD).
Losers outnumbered gainers by 201-83, with PetroVietnam Construction (PVX) becoming the most-active share with 6.2 million traded. PVX closed down 5.1 percent to 9,300 VND per share.
Foreign investors concluded as net buyers on the HCM bourse, picking up 43 billion VND (2 million USD) worth of shares, but they were net sellers on the Hanoi bourse, responsible for a net sale of shares worth 16.3 billion VND (776,200 USD).-VNA
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