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Employees of FPT Telecom – a member of tech group FPT Corporation (HoSE: FPT) – address with customers' complaints. The group's shares gained 2.3 per cent on Monday. - Photo doisongvietnam.vn The benchmark VN-Index on the Ho Chi Minh Stock Exchange inched up 0.10 per cent to close at 975.31 points. The VN-Index lost 1.69 per cent in total last week. More than 174.5 million shares were traded on the southern bourse, worth VND3.8 trillion (US$163.4 million). The Vietnamese stock market was clouded by heavy caution among investors as they found both the macroeconomy and business community lacked supporting information. The US-China trade war continued to cast a shadow over global stock markets, according to MB Securities Co (MBS). To deal with US trade tariffs and the outflow of foreign capital, China has depreciated its currency to below seven per dollar. In addition, the Chinese government is planning to launch its own cryptocurrency to stabilise and strengthen its economy against external factors. Those developments have all but confirmed predictions no trade pact will be reached before the US presidential election in 2020. In addition, the corporate earnings season is drawing to a close without any extraordinary results, further dragging down investor sentiment, Thanh Cong Securities Co (TCSC) said in its daily report. Net foreign selling also had a negative impact on the market. Foreign investors net-sold VND18 billion ($776,000) on the Ho Chi Minh Stock Exchange. Poor market sentiment brought down 153 stocks on the southern market while 147 stocks increased. Large-cap companies performed well, pulling the blue-chip VN30-Index up 0.41 per cent to 882.23 points. In the VN30 basket, 14 of the 30 largest stocks by market capitalisation and trading liquidity increased while 12 declined. Technology and retail stocks were the best performers as their sector indices gained 0.9 per cent and 2 per cent respectively, data on vietstock.vn showed. Driving those …

[Read more...] about VN stocks post small gains amid poor market sentiment

Shares opened a new week on a negative note with all sectors falling deeply. On the Hồ Chí Minh Stock Exchange, the benchmark VN-Index declined 3.16 per cent, equivalent to 35.64 points, to 1,091.27 points. The market breadth turned into negative territory after increasing last week. In the morning session, 380 stocks went down with 14 stocks hitting the maximum daily loss of 7 per cent, while only 67 stocks increased. The 30 large-cap tracker VN30-Index also lost 3.35 per cent, equivalent to nearly 40 points, to 1,096.27 points. Twenty-eight of 30 biggest stocks in the southern market fell, and only two stocks climbed. Of which Vingroup JSC posted the biggest loss, down 4.19 per cent. Followed by Vietcombank (VCB) and Vinhomes JSC, which decreased by 4.3 per cent and 3.32 per cent, respectively. Many other stocks witnessed a fall of more than 3 per cent like Vietinbank (CTG), VPBank (VPB), No Va Land Investment Group Corporation (NVL), Việt Nam Dairy Products JSC (VNM), and FPT Corporation (FPT). On the Hà Nội Stock Exchange, the HNX-Index reported a small loss of 0.56 per cent, equivalent to just 1.25 points, to 222.59 points. The HNX30-Index also declined by 2.14 per cent to 331.75 points. VNS 0 …

[Read more...] about Market opens new week on a steep fall, VN-Index loses over 35.6 points

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, was a sea of red with 385 stocks losing and only 69 gaining, out of which 18 hit their lower circuits. Total trading volume jumped over 15 percent compared to the previous session, to VND16.6 trillion ($722.13 million).The benchmark index saw modest losses at the start of the session, but began sliding by 10 a.m. as an influx of sell orders piled in. At 10.20 a.m., the VN-Index was down 17.11 points, or 1.52 percent, to 1,109.8 points.By 11.20 a.m., the index had lost 47.7 points (4.22 percent) to 1,079.1 points, with several blue chips at floor price. News of new Covid-19 cases in Hanoi and Ho Chi Minh City, profit taking pressure after last week’s gains, and investors cashing out before the upcoming break had caused selling pressure to mount, analysts noted.Vietnam’s stock exchanges will close from Wednesday, February 10 until the end of Tuesday, February 16, for Lunar New Year (Tet), Vietnam’s biggest national holiday.It was not until the end of the morning session that bottom fishing cash flow began to partially offset declines, narrowing the loss to 35 points, or just over 3 percent.The VN-Index virtually plateaued in the afternoon session, but sporadic freezes in trading, a phenomenon that has appeared in the past month due to overloads of orders on the HoSE trading system, hampered a potential recovery of the VN-Index.The VN30-Index for the stock market’s 30 largest caps shed 3.78 percent, with 27 stocks losing and 3 gaining.The biggest loser this session was TCH of real estate developer Hoang Huy Group, down 6.9 percent, its floor price.Stocks in the Vingroup family were also some of the worst performers. VIC of parent private conglomerate Vingroup, HoSE’s largest cap, plunged 6 percent, while VRE of retail arm Vincom Retail and VHM of real estate arm Vinhomes were down 5.5 percent and 4.6 percent respectively.State owned banks also fared poorly, with VCB of …

[Read more...] about VN-Index crashes in session before break