Markets wrap week in bearish sentiment on rates hike

Vietnam’s benchmark VN-Index resumed its losing trend on October 7 after the central bank decided to raise its primary rates, fueling concerns that this action would erase its earlier efforts to ease rising interest rates.

The gauge of 297 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange edged down 0.8 percent, or 3.36 points, to close at 417.96 points. It has slid 2.25 percent this week, expanding this year’s loss to 13.8 percent.

Of the index, 87 stocks advanced, 125 retreated, while 90 remained unchanged.

Trading volume on the city bourse slightly dropped over the previous day as 32.5 million shares changed hands at a total value of VND514 billion.

Becamex Infrastructure Development Joint Stock Company (IJC) topped the list of most active shares in volume for three consecutive days with 2.69 million shares changing hands.

Hoang Quan Consulting - Trading - Service Real Estate Corporation (HQC) followed with 2.12 million shares traded.

Ocean Group Joint Stock Company (OGC) finished third with 889,430 shares.

The newly listed Sai Gon Vien Dong Technology Joint Stock Company (SVT) shrank the second day, closing down 4.94 percent to VND15,400.

NBB Investment Corporation (NBB) shed 4.91 percent to close at VND46,500.

Duc Thanh Wood Processing Joint Stock Company (GDT) slid 4.85 percent to VND15,700.

Dry Cell and Storage Battery Joint Stock Company (PAC), Mien Trung Petroleum Construction Joint Stock Company (PXM), and Tien Giang Investment and Construction Joint Stock Company (THG) all sprang the daily maximum allowed limit of 5 percent to VND29,400, VND8,400, and VND10,500 respectively.

Lao Cai Mineral Exploitation & Processing Joint Stock Company (LCM) rallied the third day, strengthening 4.99 percent to VND35,800.

Becamex Infrastructure Development Joint Stock Company (IJC) leaped forward for two days in a row, gaining 4.96 percent to VND12,700.

Meanwhile, the Hanoi’s HNX-Index of the smaller bourse in the north eroded 0.83 percent, or 0.6 points, to finish at 71.5 points. Around 31.41 million shares changed hands at a value of nearly VND322 billion.

The UPCoM-Index of unlisted shares tripped 0.03 percent, or 0.01 points, to 30.62 points at 1:50 pm local time with a total of 69,600 shares changed hands at a value of VND522 million.

By Thuy Doan

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