Markets tumble on deflation fears

Vietnam’s benchmark VN-Index fell for three consecutive trading sessions on July 24 as sell-side took the upper hand while investors were wary due to concerns over deflation.

The index of 303 companies and six mutual funds listed on the Ho Chi Minh City Stock Exchange plummeted 1.51 percent, or 6.36 points, to close at 415.63 points.

Among the index members, 48 gained, 222 lost, while 39 remained unchanged.

Trading on the city bourse fell by nearly 11.5 percent in volume, and by 15.8 percent in value over the previous trading session as more than 44.84 million shares changed hands at a total value of VND659.43 billion.

Sacom Development & Investment Corporation (SAM) was the most active share in volume with 3.23 million shares changing hands.

Tan Tao Investment Industrial Joint Stock Company (ITA) followed with 2.59 million shares.

Vietnam Electricity Construction Joint Stock Corporation (VNE) was behind with 1.45 million shares traded.

Losers on the city bourse today included Viet - Han Corporation (VHG), Van Phat Hung Corporation (VPH), COMA 18 Joint Stock Company (CIG), and International Development & Investment Corporation (IDI).

Seaprodex Refrigeration Industry Corporation (SRF) climbed for fourth straight trading session, fortifying 4.98 percent to close at VND25,300.

Lu Gia Mechanical Electric Joint Stock Company (LGC) rebounded 4.91 percent to close at VND17,100.

Long Hau Corporation (LHG) and Lilama 18 Joint Stock Company (LM8) both rose 4.9 percent to close at VND15,000, and VND10,700 respectively.

The VN30 Index - a free-float adjusted, market cap-weighted index of 30 stocks with the highest market value and liquidity on the exchange – sank 4.52 points, or 0.91 percent, to end at 491.34. Among its 30 members, 1 stock rallied, 25 weakened, and 4 remained unmoved.

Hanoi’s HNX-Index of the smaller bourse in the north nosedived 2.27 percent, or 1.62 points, to close at 69.84 points with 54 winners, 187 losers, and 55 stocks treading water. Around 51.4 million shares changed hands at a total value of VND478.9 billion.

HNX 30 Index - the price index of top 30 stocks calculated based on free float adjusted market capitalization – slashed 3.69 percent, or 5.06 points, to finish at 132.31 points.

Meanwhile, the UPCoM-Index of unlisted shares surged 0.05 percent, or 0.02 points, to close at 37.12 points. A total of 411,850 shares changed hands at VND2.12 billion.

Related links: Real-time Boards: HOSE and HNX

By Thuy Doan

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