Vietnam stocks tiptoe up, Asian shares plunge to 3-week bottom

By Dat Nguyen   October 17, 2024 | 12:32 am PT
Vietnam stocks tiptoe up, Asian shares plunge to 3-week bottom
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam's benchmark VN-Index rose 0.55% to 1,286.52 points while Asian markets dropped to a three-week low Thursday afternoon.

The index closed 7 points higher after dropping 1.6 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange increased by 18% to VND15.70 trillion (US$623 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 23 tickers gained.

Four banks led the rise.

STB of Ho Chi Minh City-based lender Sacombank went up 3% and TPB of private TPBank closed 2.3% higher.

ACB of Asia Commercial Bank and MBB of lender MB both increased by 1.6%.

Seven blue chips declined, including HDB of HDBank with a 1.7% decline.

Foreign investors were net sellers for the fifth session in a row to the tune of VND397 billion.

They mainly net sold HDB of HDBank and DBC of meat producer Dabaco Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.81%, while the UPCoM-Index for the Unlisted Public Companies Market went up 0.41%.

Asian shares were pinned to three-week lows, as a housing policy briefing in China underwhelmed investors and property stocks slumped, while the euro touched an 11-week low ahead of an expected rate cut by the European Central Bank, Reuters reported.

Japan's Nikkei slipped 0.7% and China's broad indexes lacked direction after early gains reversed. The Shanghai Composite rose 0.1% and is now trading more than 10% below last week's 33-month high.

CSI300 real estate stocks fell 7%, reversing two days of gains. Hong Kong's Hang Seng last up 0.5% but sitting 12% below its most recent peak, as investors move aside to wait for more Chinese government spending and signs it is helping the economy.

 
 
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