Stocks sink despite fuel price cut
News of lower fuel prices and slowing inflation during May failed to
buoy 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's
close to end May 24's session at 426.92 points.
News of lower fuel prices and slowing inflation during May failed to
buoy 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's
close to end May 24's session at 426.92 points.
Late on May 23, the Ministry of Finance cut the retail price of petrol by 600 VND per litre to 22,700 VND, while inflation in May was announced to have risen by just 0.18 percent over the previous month, lifting cumulative inflation in the first five months of the year to 2.78 percent.
The positive news had no impact on market sentiment, and sell pressures continued to intensify as investors feared that margin calls might lead to deeper declines, commented FPT Securities Co analysts.
On the HCM City market, the overall value of trades continued to decline, dropping by another 15 percent from May 24's level to only about 950 billion VND (45.2 million USD), while volume totalled just 58 million shares. Decliners overwhelmed advancers by 224-42.
The VN30-Index, which measures the market's 30 leading shares by market capitalisation and liquidity, also sank by 1.35 percent to close at 501.58 points.
Newly-listed PetroVietnam Gas (GAS) fell to its floor price for the day, while such heavyweight stocks as Vietcombank (VCB) and insurer Bao Viet Holdings (BVH) slumped by nearly 4 percent.
In this group, 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 loss of 3.8 billion VND (183,000 USD) in the first quarter of the year.
The leading listed broker, Saigon Securities Inc (SSI), became the most-active share with 2 million traded, but SSI had dipped by 3.3 percent at the close to 20,500 VND per share.
On the Hanoi Stock Exchange, late buys helped keep the HNX-Index above May 23's level. The Index concluded the session at 73.66 points, a gain of just 0.08 percent on the day, although it represented a recovery from morning losses that saw the Index sink as low as 1.6 percent below the prior day's close.-VNA
Late on May 23, the Ministry of Finance cut the retail price of petrol by 600 VND per litre to 22,700 VND, while inflation in May was announced to have risen by just 0.18 percent over the previous month, lifting cumulative inflation in the first five months of the year to 2.78 percent.
The positive news had no impact on market sentiment, and sell pressures continued to intensify as investors feared that margin calls might lead to deeper declines, commented FPT Securities Co analysts.
On the HCM City market, the overall value of trades continued to decline, dropping by another 15 percent from May 24's level to only about 950 billion VND (45.2 million USD), while volume totalled just 58 million shares. Decliners overwhelmed advancers by 224-42.
The VN30-Index, which measures the market's 30 leading shares by market capitalisation and liquidity, also sank by 1.35 percent to close at 501.58 points.
Newly-listed PetroVietnam Gas (GAS) fell to its floor price for the day, while such heavyweight stocks as Vietcombank (VCB) and insurer Bao Viet Holdings (BVH) slumped by nearly 4 percent.
In this group, 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 loss of 3.8 billion VND (183,000 USD) in the first quarter of the year.
The leading listed broker, Saigon Securities Inc (SSI), became the most-active share with 2 million traded, but SSI had dipped by 3.3 percent at the close to 20,500 VND per share.
On the Hanoi Stock Exchange, late buys helped keep the HNX-Index above May 23's level. The Index concluded the session at 73.66 points, a gain of just 0.08 percent on the day, although it represented a recovery from morning losses that saw the Index sink as low as 1.6 percent below the prior day's close.-VNA
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