​Blue chips drag VN-Index down in 8-point losing session

By Hung Le   November 28, 2019 | 05:02 am PT
​Blue chips drag VN-Index down in 8-point losing session
The VN30 for Vietnam's 30 biggest blue-chips fell 1.05 percent Thursday session. Photo by Shutterstock/Pavel Ignatov.
Blue-chips led the stock market’s losses Thursday, with the VN-Index falling 7.78 points to close at 970.66 points.

The price board at the Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, was overwhelmingly red, with 101 stocks gaining and 219 losing. The index’s 0.8-percent decline ended a two-session gaining streak.

The market plunged 10 points in the morning session, then recovered slightly in the afternoon. Liquidity of order-matched transactions was VND3.29 trillion ($141.89 million), up 18 percent over the previous session, and slightly lower than the November VND3.56 trillion ($153.54 million) average.

The VN30, which represents Vietnam’s 30 biggest market cap stocks, fell 1.05 percent. In this basket, four stocks gained and 21 stocks lost. Eight stocks lost at least 1 percent.

MWG of electronics retail giant Mobile World was the biggest loser this session, falling 4.2 percent, followed by CTD of state-owned VietinBank, down 2.3 percent, and MSN of food conglomerate Masan Group, down 1.5 percent.

GAS of state energy giant PetroVietnam Gas and PNJ of Phu Nhuan Jewelry both fell 1.2 percent, while FPT of IT giant FPT and VCB of state-owned lender Vietcombank also fell 1 percent each.

VJC of budget carrier Vietjet Air gained the most this session, rising 0.9 percent.

The HNX-Index for shares on the Hanoi Stock Exchange, Vietnam’s second main bourse, fell 0.86 percent, and the UPCoM-Index for the Unlisted Public Companies Market fell 0.31 percent.

Elsewhere, stocks in Asia declined after a White House statement revealed that U.S. President Donald Trump signed into law two bills backing protesters in Hong Kong, stoking fears of an escalated trade war.

Mainland Chinese stocks declined on the day, with the Shanghai Composite Index falling 0.47 percent and the Shenzhen Component Index shedding 0.27 percent.

Hong Kong’s Hang Seng Index slipped 0.22 percent, Japan’s Nikkei 225 fell 0.12 percent, and South Korea’s Kospi shed 0.43 percent.

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