VN-Index Dips To 16-Month Low

The stock market continued its downward trend despite the government’s ongoing efforts to revive it. At the close of trading this morning, the VN-Index in HCM City lost 19.14 points to close at 545.6, a 16-month low.

Out of the 153 stocks listed in HCM City, 136 lost today, most of them stocks in the financial, aquatic produce, real estate, and construction industries.

Over 2.73 million shares of Sacombank (STB) were traded today at or just above the floor price of VND38,200 at which the stock closed.

Stocks of seafood processors like Aquatex Ben Tre (ABT), Cuu Long An Giang (ACL), Agrifish An Giang (AGF), and Aquatic Products No.4 ( TS4) also lost by the maximum allowed 5 percent as investors seemed to ignore the government’s announcement that it would buy foreign currencies held by export companies as a measure to support them.

Stocks of property companies like Sudico (SJS), Tu Liem Housing Development (NTL), Thu Duc House (TDH), and Construction No.5 (SC5) too saw major sell-offs.

Investors now fear that the VN-Index is headed for the 500-point mark.

In Ha Noi, the HASTC-Index fell by 4.25 points to close at 191.92, as 117 out of its 133 listed stocks lost.

By Tuong Chau – Translated by Phuong Lan

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