VN-Index falls to four-month low on losing confidence

Vietnam’s benchmark VN-Index fell steeply to a four-month low on July 3 as investors unexpectedly fled from the market as fuel cut and regulatory cut failed to ease pessimistic sentiment.

The measure of 302 companies and six mutual funds listed on the Ho Chi Minh City Stock Exchange plunged 1.48 percent, or 6.21 points, to close at 413.09 points.

On the benchmark, 40 stocks rose, 229 slumped, while 39 remained unchanged.

Trading on the city bourse rose by 12 percent in volume, and 9 percent in value over the previous trading session as more than 43.27 million shares changed hands at a total value of VND678.71 billion.

Refrigeration Electrical Engineering Corporation (REE) was the most active share in volume with 2.08 million shares changing hands.

Saigon Securities Inc. (SSI) tagged along with 1.91 million shares.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) arrived next with 1.88 million shares traded.

Thien Long Group Corporation (TLG) collapsed 5.03 percent to close at VND18,900.

Duc Long Gia Lai Group Joint Stock Company (DLG) extended its losing streak to five consecutive trading sessions, weakening 5 percent to close at VND7,600.

Other losers on the city bourse included Investment and Trading Of Real Estate Joint Stock Company (ITC), Khang Dien Investment & Trading House Joint Stock Company (KDH), and Petro Vietnam General Services Joint Stock Corporation (PET).

Materials - Petroleum Joint Stock Company (COM) retrieved 4.98 percent to close at VND29,500.

Binh Dinh Minerals Joint Stock Company (BMC) rebounded 4.93 percent to close at VND42,600.

Hydro Power Joint Stock Company – Power No.3 (DRL) advanced for three straight trading sessions, enhancing 4.89 percent to close at VND23,600.

The VN30 Index - a free-float adjusted, market cap-weighted index of 30 stocks with the highest market value and liquidity on the exchange – nosedived 5.71 points, or 1.16 percent, to end at 486.95. Among its 30 members, 2 stocks gained, 24 lost, and 4 remained unmoved.

Hanoi’s HNX-Index of the smaller bourse in the north rejected 1.26 percent, or 0.88 points, to close at 69.21 points with 47 winners, 192 losers, and 57 stocks treading water. Around 37.91 million shares changed hands at a total value of VND340.73 billion.

Meanwhile, the UPCoM-Index of unlisted shares reduced 0.27 percent, or 0.1 points, to close at 36.34 points. A total of 334,900 shares changed hands at VND2.72 billion.

Related links: Real-time Boards: HOSE and HNX

By Thuy Doan

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