Stocks fall on increasing CPI
Stocks fall on increasing CPI
Hanoi - Vietnamese stocks had an off day after economic data from HCM City showed the consumer price index increased sharply from August.
September's index rose 1.13 per cent above last month and 3.16 per cent over the same period last year.
Shares fell for the sixth day in a row on the HCM City Stock Exchange, with the benchmark VN-Index sliding 0.22 per cent to 611.93 points.
Trading value declined 42 per cent over last Friday's session to more than VND2.9 trillion (US$136.7 million) as the volume of trades reached 143.3 million shares.
The VN30 Index, which tracks the HCM City Stock Exchange's top 30 shares, pared down earlier gains, falling 0.2 per cent to 653.19 points, although advancers outnumbered decliners by 14-12.
Leading shares, such as PetroVietnam Gas (GAS), property giant Vingroup (VIC) and private equity group Masan (MSN), were weakening fast and entered a downward spiral, according to FPT Securities Company's analysts.
"The risks are out there, and the VN-Index may plunge to 600 points," one of the analysts said. However, they expected there would be a rally soon, led by shares of oil and gas companies.
On the Ha Noi Stock Exchange, the HNX Index failed to retain its momentum from the previous session, decreasing 0.75 per cent to 88.22 points.
Blue chips in the northern market drove the HNX30 Index down 0.9 per cent to 181.45 points.
Transaction value totalled VND1 trillion ($47.1 million), declining almost 30 per cent from last Friday. Construction company Bao Thu (BII) debuted yesterday, closing the day up 15 per cent to VND13,800 per share.
Foreign investors bought a net of VND144.45 billion ($6.8 million) in HCM City, but offloaded shares in Ha Noi by a margin of VND307.9 million ($14,500).
Meanwhile, the price of gold continued to climb, widening the gap between domestic and world prices to a record high this year of nearly VND5 million ($235,800) per tael.
Two large gold dealers, Bao Tin Minh Chau and Saigon Jewelry, posted selling prices of over VND35.9 million ($1,600) per tael (one tael equals 1.2 ounces).
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