Vietnam’s benchmark VN-Index lost ground for the third day in a row Tuesday to end below 600.
The index which tracks 179 companies and four mutual funds on the Ho Chi Minh Stock Exchange closed at 596.78 after sliding 12.56 points or 2.06 percent, the biggest loss in over a month. Trading gained over Monday as nearly 95.6 million shares worth more than VND4.4 trillion (US$246.9 million) changed hands.
The market slid despite recent rumors about a second stimulus package and that the State Securities Commission will see strong aid measures, with the gap widening between declines and gains, or 156 and 17, while 11 shares remained unchanged.
Tuong An Oil Joint Stock Co. (TAC) in HCMC was the biggest loser of the day, followed by the Rang Dong Light Sources & Vacuum Flask Joint Stock Co. (RAL) in Hanoi and Ba Ria Vung Tau Housing Development Joint Stock Co. (HDC) on the southern coast.
Vietnam Export Import Bank or Eximbank (EIB) in the city joined the three most active shares on its first trading day on the city bourse and took the top spot with more than 14 million shares traded. Saigon Commercial Bank or Sacombank (STB) came next with more than 6 million shares changing hands, followed by Vietnam’s largest listed brokerage Saigon Securities Inc. (SSI) with more than 4 million shares.
After-the-bell announcement also saw bad performance on the northern market as the HNX-Index fell a further 5.33 points or 2.54 percent to 204.44. Nearly VND1.9 trillion was spent trading more than 41.7 million shares.
UPCoM-Index also dropped to 72.62, down 0.09 points or 0.12 percent over Monday. The trade volume shrank even smaller to 66.450, worth VND747.26 million.
On the global market, US stocks were mired in a broad slump on renewed concerns that some big banks may have issues repaying federal bailout funds and as a slide in oil prices weighed on both energy and materials firms.
The Dow Jones Industrial Average slid 100 points or 1 percent to 9872 and the tech-heavy Nasdaq Composite fell 0.6 percent to 2142.
Meanwhile, Japan’s benchmark Nikkei average fell 1.5 percent and the broader TOPIX lost 1.9 percent on Tuesday.