Stock market falls for fourth consecutive session

By Hung Le, Minh Son   November 25, 2019 | 03:15 am PT
Stock market falls for fourth consecutive session
An investor looks at a stock market screen at a securities company in Hanoi, Vietnam. Photo by Reuters/Kham.
The VN-Index fell 1.43 points, or 0.15 percent, to close at 976.35 points by the end of Monday, its fourth consecutive losing session.

Although 131 stocks gained and 177 stocks lost, Vietnam’s benchmark VN-Index had a much better session compared to the previous three, which saw drops of 1.02, 1.27 and 1.77 percent respectively.

The VN-30, which represents Vietnam’s 30 biggest market cap stocks, actually gained 0.28 percent this session, helping the stock market slow its downward trajectory since last Wednesday.

VNM shares of dairy giant Vinamilk rose 1.4 percent, the biggest gainer, followed by PNJ of Phu Nhuan Jewelry, up 1.3 percent, and BVH of insurance giant Bao Viet, up 1.2 percent.

CTD shares of state-owned lender VietinBank, MSN of food conglomerate Masan Group, and FPT of IT giant FPT had also all gained more than 0.6 percent.

The Vingroup trio, shares related to Vietnam’s biggest private conglomerate Vingroup, all fell during this session. VIC shares of parent company Vingroup, VHM of its real estate arm Vinhomes, and VRE of retail arm Vincom Retail fell 0.2 percent, 0.3 percent and 1 percent, respectively.

Analysts said Vietnam’s stock market had fluctuated in a lower band Monday, and liquidity had dropped 26.5 percent compared to last Friday’s session, indicating investors are being more cautious and avoiding risks.

On the Ho Chi Minh Stock Exchange, which the VN-Index is based on, investors had begun injecting money again into the market after six consecutive net selling sessions. The net buy this session was VND62.43 billion ($2.68 million), with the most net bought stocks including VHM of Vinhomes and VNM of Vinamilk.

Meanwhile, Asian stocks advanced Monday, boosted by positive signals about a potential U.S.-China trade deal.

The Hong Kong Hang Seng index jumped 1.5 percent after pro-democracy candidates surged to a landslide victory following a record voter turnout, Reuters reported.

Mainland Chinese stocks were mixed, with the Shanghai composite rising 0.72 percent while the Shenzhen composite also shed 0.44 percent.

The Nikkei 225 in Japan rose 0.78 percent, and South Korea’s Kospi advanced 1.02 percent.

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