Staff at the Hanoi Stock Exchange (Photo: VNA) Hanoi (VNA) - Shares on November 9 retreated on the two local exchanges as investors sold off their investment portfolios on worries the Republican Donald Trump’s win in the US Presidential election could shake global political and economic stability.
The benchmark VN Index on the HCM Stock Exchange fell 0.9 percent to end at 670.26 points, erasing a two-day gain of 1.5 percent.
The HNX Index on the Hanoi Stock Exchange dropped 1.4 percent to close at 80.11 points. The northern market index advanced nearly 1 percent in the previous two sessions.
“Global financial markets were shaken by Trump’s election victory because the Republican candidate is seen as unpredictable with his policy making,” Bao Viet Securities Corp (BVSC) wrote in its daily report.
“The United States’ political and economic policies on global trade, taxation and immigration may be changed and the consequences would be uncertain,” BVSC said.
Poor investor sentiment sent all 20 sectors down, with the worst-hit being securities firms, banks, property developers, and energy producers.
In the brokerage sector, HCM Securities Corp (HCM) slipped 1.8 percent, Sai Gon-Hanoi Securities Corp (SHS) fell 3.7 percent, and SSI lost 1.5 percent.
Other financial firms such as insurance-finance group Bao Viet Holdings (BVH), Vietcombank (VCB), Sai Gon-Hanoi Bank (SHB) and Sacombank (STB) slid between 1.1 percent and 3.6 percent.
In addition, only three of the 30 largest listed companies by market capitalisation made gains. Among decliners, real estate company FLC Group (FLC) slumped 4.8 percent and PetroVietnam Power Nhon Trach 2 JSC (NT2) dipped 3.3 percent.
Investors’ sell-off sent market trading liquidity significantly higher yesterday compared to the previous session. Nearly 204 million shares were exchanged on the two local bourses worth 3.57 trillion VND (158.7 million USD), an increase of 46.7 percent in volume and 60.3 percent in value from the previous day’s figures.
Donald Trump’s victory in the US presidential election also increased gold prices in Vietnam’s market.
Sai Gon Jewellery JSC (SJC)’s gold prices closed at 37.10 million VND-37.12 million VND per tael (1.02 ounces), up 820,000 VND from the previous session’s closings. Bao Tin Minh Chau Gold and Jewellery Company raised its gold selling price by 720,000 VND per tael to 36.52 million VND-36.98 million VND per tael.-VNA
