Pessimistic sentiment sinks markets for four straight days

Vietnam’s benchmark VN-Index tumbled for four consecutive trading sessions on November 16, as investors remained in bearish sentiment. However, the market showed signs of recovery at the end of the trading session.

The shares of 269 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange collapsed 1.53 percent, or 6.65 points, to finish at 426.89 points, the lowest level since the end of August.

Among the index members, 37 increased, 187 dropped, while 50 remained unchanged.

Trading volume on the city bourse slightly improved over the previous day as around 35.3 million shares worth more than VND732.91 billion changed hands.

Saigon Securities Inc. (SSI), the country’s largest brokerage, won the position of most active share in volume with 1.57 million shares changing hands.

It was followed by sugar producer Société De Bourbon Tay Ninh (SBT) with 1.17 million shares.

Ocean Group Joint Stock Company (OGC) finished third with 1.14 million shares traded.

Losers on the city bourse included technology company CMC Corporation (CMG), Ngo Han Joint Stock Company (NHW), Petrolimex International Trading Joint Stock Company (PIT), TMT Automobile Joint Stock Company (TMT), and Transforwarding Warehousing Joint Stock Corporation (TMS). They all shrank the daily maximum allowed limit of 5 percent.

Quoc Cuong Gia Lai Joint Stock Company (QCG) advanced the first time in seven days, adding up 4.87 percent to VND23,700.

Sacombank Securities Joint Stock Company (SBS) emerged 4.8 percent to VND24,000.

Bao Minh Insurance Corporation (BMI) closed up 4.58 percent to trade at VND16,000.

The smaller bourse in the north also flood in red as the Hanoi’s HNX-Index gave up 1.06 percent, or 1.04 points, to finish at 97.44 points. Trading volume reached 27 million shares, worth VND457 billion, an increase of 15.84 percent in volume, and 17.19 percent in value over the previous trading session.

The UPCoM-Index adjusted 0.17 points to 40 points. A total of 160,000 shares changed hands at a value of VND2.53 billion.

By Thuy Doan

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