National stocks continue to slide
National stocks continue to slide
Shares continued to slide on both stock exchanges yesterday, with Vietnamese markets facing a bleak week.
On the HCM City Stock Exchange, the VN-Index fell 0.15 per cent, reaching 471.45 points.
However, trading value soared 170 per cent compared to Tuesday to exceed VND1.7 trillion (US$80.1 million). Trading volume fetched 69.3 million shares.
Among the 30 largest stocks in terms of capitalisation and liquidity, only Vietinbank (CTG), software group FPT (FPT), Sacombank (STB) and Vinamilk (VNM) managed to post gains, up between 0.2-2.3 per cent.
Vinamilk advanced by 2.3 per cent after Forbes Vietnam announced it had topped the list of the 50-best listed companies. PV Gas (GAS) followed in second place.
As of yesterday, PV Gas and Vinamilk earned the largest capitalisation value on the stock market, VND123 trillion ($5. 8 billion) and VND111 trillion ($5.2 billion), respectively.
Meanwhile, only four other blue chips closed the session unchanged as the other 21 shares tumbled.
The VN30 shed 0.43 per cent to 525.66 points.
On the Ha Noi Stock Exchange, the HNX-Index closed down 0.7 per cent at 60.20 points.
Selling pressure drove trading value up to VND109.15 billion ($5.1 million) on a volume of 14.9 million shares.
The HNX30, tracking the northern bourse's top 30 shares, also ended 1.4 per cent lower at 109.33 points. Foreign investors yesterday became net buyers in both cities, by a combined margin of VND21.8 billion ($1 million).
Away from the market gloom, gold proved to be a much more attractive proposition. According to the State Bank of Viet Nam, a total of 57 gold auctions took place from March 28 to August 30, selling more than 1.6 million tonnes - 1.5 million tonnes of which were bought by financial institutions.
As domestic prices have stayed higher than world prices by several million dong per tael (one tael equals 1.2 ounces), the central bank has collected the sizable sum of over VND6 trillion ($283 million) from this activity.
However, sources from the Ministry of Finance said that because the State budget revenue was at the risk of declining VND60 trillion ($2.8 billion), the ministry would work with the bank to allocate the money to the State budget.
vietnamnews
