VN-Index sinks to seven-week low

Vietnam’s benchmark VN-Index fell for two straight days, plunging to a seven-week low on October 18 as investors lost confidence after the Government proposed to revise economic growth target to 6-6.5 percent from 7-7.5 percent for the next four-year period.

The shares of 297 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange collapsed 1.59 percent, or 6.52 points, to close at 404.32 points.

On the benchmark, there were 46 gainers, 176 losers, while 80 stocks treaded water.

Trading on the city bourse dropped by 8 percent in volume and 17 percent in value over the previous day as around 24.4 million shares changed hands at a total value of VND370 billion.

Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) was the most active share in volume the second day with 1.53 million shares changing hands.

Refrigeration Electrical Engineering Corporation (REE) followed with 926,930 shares traded.

Tan Tao Investment & Technology Joint Stock Company (OGC) came next with 915,620 shares.

Viky Plastic Joint Stock Company (VKP) forfeited 7.14 percent to close at VND1,300.

Other losers included Dong Phu Rubber Joint Stock Company (DPR), Hoa Binh Construction & Real Estate Corporation (HBC), and International Development & Investment Corporation (IDI).

Chuong Duong Beverages Joint Stock Company (SCD) extended its winning streak to five consecutive days, building up 4.83 percent to VND15,200.

Cuu Long Petro Urban Development & Investment Corporation (CCL) rebounded 4.59 percent to VND11,400.

Saigon Fuel Joint Stock Company (SFC) capped its four-day losing run, reviving 4.57 percent to VND20,600.

Meanwhile, the Hanoi’s HNX-Index of the smaller bourse in the north gave up 0.95 percent, or 0.65 points, to finish at 67.81 points. Around 28.71 million shares changed hands at a value of VND262 billion.

The UPCoM-Index of unlisted shares dipped 0.43 percent, or 0.13 points, to 29.96 points at 2:10 pm local time. A total of 136,500 shares changed hands at a value of VND673 million.

By Thuy Doan

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