VN-Index Slides and Slides and…

Gloomy sentiment continues to drag stocks down leaving the VN-Index down another 10.94 points to close at 911.15.

The number of shares losing value was 97 at the end of the session.

Sacombank (STB) and Saigon Securities (SSI) whose stock had done well last week saw their values drop as sells overwhelmed buys.

FPT Corporation (FPT), Petro Vietnam Drilling and Well Services (PVD) dropped VND1,000. REE Technology (REE), Schenker-Gemadept Logistics (GMD) and Saigon Cables & Telecommunication Materials (SAM) all slid VND2,000 each. And Phu My Fertilizer and Chemicals (DPM) fell VND2,500.

New blue chips Hoa Phat (HPG) and Vincom (VIC) could not fight the trend and fell VND1,000.

Construction material companies were also affected by the gloomy sentiment. Vietnam-Italy Steel (VIS), Tan Dai Hung Plastic (TPC) and My Chau Printing and Packaging (MCP) all dropped to their lower limits, casting off VND3,000, VND2,500 and VND2,400 respectively.
Investors received another surprise in a tumble of pharmaceutical stocks. While Domesco (DMC) gained VND5,000, Hau Giang Pharmacy (DHG) and Imexpharm (IMP) dropped to their lower limits by slipping VND10,000 and VND11,000.

A presentation was held yesterday by Vietcombank (VCB) to promote investment opportunities in bank shares but the gloomy atmosphere in the conference somewhat reflected the market’s current sentiment.

Investors described the market as a sinking ship loaded down by the upcoming VCB share auction. Their biggest concern is whether the Index will revive or sink even further after dropping to 900 points. 

By Tuong Chau – Translated by Khanh Hong

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