Vietnam stocks edge down after Trump’s latest China tariff threat

By Hung Le   August 2, 2019 | 09:07 pm GMT+7
Vietnam stocks edge down after Trump’s latest China tariff threat
An investor looks at a stock market screen at a securities company. Photo by Reuters/Kham.

The VN-Index fell 0.63 percent along with regional markets Friday after U.S. President Donald Trump proposed a 10 percent tariff on $300 billion worth of Chinese imports. 

The benchmark index fell 6.29 points to close at 991.1 points, with 144 stocks gaining and 169 losing. 

The VN30-Index, which represents the 30 largest cap stocks, lost 2.1 points (0.24 percent) to close at 885.29 points. 

The HNX-Index in Hanoi and the UPCoM-Index of unlisted public companies lost 0.17 percent and 0.44 percent. 

In the morning Vietnamese stocks followed regional movements and opened almost 10 points lower at 987.55. 

However, unlike the Chinese Shanghai Composite and Japanese Nikkei 225, which closed 1.41 and 2.11 percent down, the Vietnamese market clawed back some of its losses in the afternoon as investors began buying manufacturing stocks.

Stocks of industrial parks saw unusually strong gains, with Sonadezi Corporation rising by 13 percent, Sai Gon VRG Investment Corporation by 8.9 percent and some others by over 8 percent. 

Volatile sectors such as securities, real estate, construction, and oil and gas came under strong selling pressure. State-owned natural gas company PetroVietnam Gas JSC lost 2.3 percent and Vietnam’s biggest private conglomerate, Vingroup, declined by 1.9 percent. 

Foreign investors were net sellers to the tune of VND201.61 billion ($8.74 million), twice the previous day’s value.

 
 
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