VN-Index Up Due to Falling Supply

The VN- Index at the end of this morning’s session closed up 23.37 points at 1.050.9, or 2.27% higher than the previous session due to a strong drop in supply.

At the session’s close, the market’s trading volume reached 4.96 million shares, worth a total VND546.5 billion. 24 of the 71 rising stocks reached their ceilings, including DCT, PVD, SAV, TDH and TMS. Meanwhile, as many as 20 stocks fell dramatically while 17 remained unchanged.

In the previous session on Tuesday, stocks in Ho Chi Minh City resumed their downward spiral after two days of gains. The VN-Index decreased slightly by 27.57 points, closing at 1027.53 while turnover was down 38% or VND788 billion (US$49 million).

The session produced 87 losers, among which were some blue chips like FPT, PVD, and BMP, and only eight winners out of the total 109 stocks. Half the losing stocks hit the 5% limit.

Analysts predict that strong declines will continue until the VN-Index goes below the 1,000 point mark amidst worries of a major correction. But the long-term trend should reflect the economy’s steady growth, they said.

This morning's session:

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Stock Market Keeps Heading Down

By Tuong Chau – Translated by Trong Khuong

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