Stock market sinks to yet another low

By Hung Le   February 26, 2020 | 02:33 am PT
Stock market sinks to yet another low
An investor looks at stock boards at a securities company in Ho Chi Minh City. Photo by VnExpress/Huu Khoa.
The VN-Index dropped 1.51 percent to 895.97 points Wednesday, its lowest point since January 9 last year.

247 stocks fell and 109 rose on the Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse on which VN-Index is based.

Order matched transactions fell to VND2.6 trillion ($112.31 million) from VND3 trillion ($129.59 million) the previous session, equivalent to an average trading day on the stock market last month.

The VN30-Index for the bourse’s 30 biggest market caps fell 0.94 percent, with 22 losing and 6 gaining. Six stocks fell more than 2 percent this session, none of them belonging to the same sector.

ROS of real estate developer FLC Faros topped losses once again with 3.8 percent. The blue chip is currently one of the most volatile VN30 stocks, swinging from floor to ceiling prices for most sessions in the past month.

It was followed by BID of BDIV, one of Vietnam’s three biggest state-owned lenders by assets, and GAS of state-owned energy giant PetroVietnam Gas, both shedding 3.7 percent.

Next in line were VNM of Vietnam’s biggest dairy firm Vinamilk, down 2.8 percent, VHM of real estate developer Vinhomes, 2.6 percent, and BVH of insurance giant Bao Viet Group, 2.5 percent.

Other notable losing blue-chips were VCB of Vietcombank and CTG of VietinBank, the remaining two of Vietnam’s three major state-owned banks, down 1.4 percent and 1.1 percent respectively.

VIC of private conglomerate Vingroup, the market’s biggest capped share, slipped one  percent, while MSN of food conglomerate Masan Group and VJC of budget carrier VietJet Air dropped 1.7 percent and 1.6 percent respectively.

In the opposite direction, POW of Vietnam’s second biggest electricity generator PetroVietnam Power led gains with 2.5 percent, followed by FPT of IT services Giant FPT, up 1.9 percent.

The next three gaining tickers were private mid-sized banks, namely, TCB of Techcombank, up 0.7 percent, STB of Sacombank, 0.4 percent, and EIB of Eximbank, 0.3 percent.

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, edged down 0.05 percent, and the UPCoM-Index for unlisted public companies shed 0.34 percent.

Foreign investors were net sellers for the twelfth consecutive session on all three bourses, with a net sell value of VND250 billion ($10.8 million). Selling pressure was mostly focused on VNM of Vinamilk and VCB of Vietcombank.

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