Business

Uncertainty makes stocks decline

Stocks extended morning's losses to the afternoon session as investors again felt uncertain on the economic look.
Stocks extended morning's losses to the afternoon session as investors again felt uncertain on the economic look.

The Ministry of Planning and Investment on Mar. 30 reported a sharprise in companies filing for bankruptcy in the first quarter. In HCMCity , 526 enterprises completed procedures for dissolution at the HCMCity Department of Planning and Investment, up 23.8 percentyear-on-year, while over 5,000 others filed paperwork with the City TaxDepartment to shut down operations.

The Hanoicounterpart has yet to complete its calculations but confirmed thenumber of dissolved companies continued to rise in March. In the firsttwo months of this year, the number of firms filling for bankruptcy inHanoi rose by 4.3 times over the same period last year.

In addition, reports of slowing industrial production and exports raised concerns over the possibility of stagnation.

On the HCM City Exchange, the benchmark VN-Index was down 1.5 percentto close Mar. 29 session at 439.63 points. Trading value dropped 25percent from the previous session, totalling nearly 1.05 trillion VND(50 million USD), while volume of trades declined 10 percent to 74.5million shares.

Blue chips tumbled with 21 of the 30leading shares by market value and liquidity closing down, including 4which dropped to their floor prices, while only three rallied, drivingthe VN30 Index down 1.2 percent to 498.48 points.

Losers overwhelmed gainers by 198-63 overall.

Financial shares remained the most active in HCM City , withSacombank Securities (SBS) and Eximbank (EIB) each seeing over 3.3million shares changing hands. But while SBS slid 4.6 percent to end at6,300 VND (0.30 USD), EIB edged up 0.6 percent to finish at 17,200 VND(0.82 USD).

On the Hanoi Stock Exchange, the HNX-Index fell a more substantial 3.08 percent to 73.20 points.

Value of trades declined slightly but still stood high at 941.2billion VND (44.8 million USD) with 93.6 million shares changing hands.

Decliners nearly quadrupled advancers, with Habubank (HBB), the mostheavily-traded code nationwide on a volume of 14.7 million shares,settling down 4.3 percent at 6,700 VND.-VNA
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