Stocks nosedive as investors lose confidence

Movements of VN-Index on November 15. (Photo: vietstock.vn)
Vietnam’s benchmark VN-Index plummeted on November 15, extending the losing streak to three consecutive trading sessions as investors dumped shares to avert risk.

The shares of 269 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange plunged 1.83 percent, or 8.06 points, to open week at 433.54 points, the lowest level since the end of August.

Among the index members, 39 advanced, 201 declined, while 34 treaded water.

Around 29.77 million shares worth more than VND609 billion changed hands, a decrease of 30 percent in value over the previous session.

Ocean Group Joint Stock Company (OGC) led the list of most active shares in volume with 1.84 million shares changing hands.

Saigon Securities Inc. (SSI), the country’s largest brokerage, followed with 1.41 million shares.

Saigon Thuong Tin Commercial Bank or Sacombank (STB) came in next with 1.19 million shares.

Losers on the city bourse included Binh Thuan Hamico Mineral Joint Stock Company (KSA), Hamico Group Mineral Joint Stock Company (KSH), Construction and Materials Trading Joint Stock Company (CNT), Hung Vuong Corporation (HVG), Post and Telecommunications Investment and Construction Joint Stock Company (PTC), and Development Investment Construction Joint Stock Corporation (DIG). They all dove the daily maximum allowed limit of 5 percent.

Tan Binh Import – Export Joint Stock Company (TIX) curbed its four-straight-day losing streak, gaining 4.92 percent to VND40,500.

Cuong Thuan Investment Corporation (CTI) edged up 4.85 percent to VND32,400.

Ngo Han Joint Stock Company (NHW) increased 4.65 percent to trade at VND18,000.

The smaller bourse in the north also tumbled as the Hanoi’s HNX-Index slumped 3.09 percent, or 3.17 points, to finish at 98.48 points the first time this year. Trading volume was around 23.2 million shares, worth VND390 billion.

The UPCoM-Index tripped 0.27 points to 40.12 points. A total of 78,900 shares changed hands at a value of VND1.14 billion.

By Thuy Doan

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