News of lower fuel prices and slowing inflation during May failed tobuoy investor sentiment on May 24 on the Ho Chi Minh Stock Exchange,as the VN-Index tumbled by another 2.25 percent from the previous day'sclose to end May 24's session at 426.92 points.
Late onMay 23, the Ministry of Finance cut the retail price of petrol by 600VND per litre to 22,700 VND, while inflation in May was announced tohave risen by just 0.18 percent over the previous month, liftingcumulative inflation in the first five months of the year to 2.78percent.
The positive news had no impact on marketsentiment, and sell pressures continued to intensify as investors fearedthat margin calls might lead to deeper declines, commented FPTSecurities Co analysts.
On the HCM City market, theoverall value of trades continued to decline, dropping by another 15percent from May 24's level to only about 950 billion VND (45.2 millionUSD), while volume totalled just 58 million shares. Declinersoverwhelmed advancers by 224-42.
The VN30-Index, whichmeasures the market's 30 leading shares by market capitalisation andliquidity, also sank by 1.35 percent to close at 501.58 points.
Newly-listed PetroVietnam Gas (GAS) fell to its floor price for theday, while such heavyweight stocks as Vietcombank (VCB) and insurer BaoViet Holdings (BVH) slumped by nearly 4 percent.
In thisgroup, only real estate developer Quoc Cuong Gia Lai (QGC) saw gains,rising by 2 percent to 10,200 VND per share, even after posting a lossof 3.8 billion VND (183,000 USD) in the first quarter of the year.
The leading listed broker, Saigon Securities Inc (SSI), became themost-active share with 2 million traded, but SSI had dipped by 3.3percent at the close to 20,500 VND per share.
On the HanoiStock Exchange, late buys helped keep the HNX-Index above May 23'slevel. The Index concluded the session at 73.66 points, a gain of just0.08 percent on the day, although it represented a recovery from morninglosses that saw the Index sink as low as 1.6 percent below the priorday's close.-VNA
Late onMay 23, the Ministry of Finance cut the retail price of petrol by 600VND per litre to 22,700 VND, while inflation in May was announced tohave risen by just 0.18 percent over the previous month, liftingcumulative inflation in the first five months of the year to 2.78percent.
The positive news had no impact on marketsentiment, and sell pressures continued to intensify as investors fearedthat margin calls might lead to deeper declines, commented FPTSecurities Co analysts.
On the HCM City market, theoverall value of trades continued to decline, dropping by another 15percent from May 24's level to only about 950 billion VND (45.2 millionUSD), while volume totalled just 58 million shares. Declinersoverwhelmed advancers by 224-42.
The VN30-Index, whichmeasures the market's 30 leading shares by market capitalisation andliquidity, also sank by 1.35 percent to close at 501.58 points.
Newly-listed PetroVietnam Gas (GAS) fell to its floor price for theday, while such heavyweight stocks as Vietcombank (VCB) and insurer BaoViet Holdings (BVH) slumped by nearly 4 percent.
In thisgroup, only real estate developer Quoc Cuong Gia Lai (QGC) saw gains,rising by 2 percent to 10,200 VND per share, even after posting a lossof 3.8 billion VND (183,000 USD) in the first quarter of the year.
The leading listed broker, Saigon Securities Inc (SSI), became themost-active share with 2 million traded, but SSI had dipped by 3.3percent at the close to 20,500 VND per share.
On the HanoiStock Exchange, late buys helped keep the HNX-Index above May 23'slevel. The Index concluded the session at 73.66 points, a gain of just0.08 percent on the day, although it represented a recovery from morninglosses that saw the Index sink as low as 1.6 percent below the priorday's close.-VNA
