Vn index plunges as panic selling resumes vnexpress international

The Hanoitimes - The head of Vietnam's stock market watchdog urged players to trust the internal strengths of the economy and the resilience of Vietnam’s stock market. The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, is considering a number of solutions to help investors and securities firms overcome negative impacts of the Covid-19 epidemic and global turmoil, according to the SSC’s Chairman Tran Van Dung. Chairman of the SSC Tran Van Dung. Among them are lowering fees for some brokerage services and easing regulations on margin trading, Dung told Vietnam Financial Times. At the close on March 9, the benchmark Vn-Index plunged 6.28% to 835.49, the biggest tumble since May 2014 when the standoff between Vietnam and China occurred after China moved an oil rig into Vietnam’s waters. Dung, however, noted the liquidity of the Hochiminh and Hanoi stock exchanges remained abudant with nearly VND6.5 trillion (US$278.69 million) traded, indicating investors were buying in battered stocks. Besides, foreign investors remained net sellers but at a moderate amount of VND230 billion (US$9.85 million) on March 9, Dung added. Dung said the freefall of the stock market was a common situation globally, especially as “all bad news came at one time” that directly impact investor sentiment, including the sharpest decline of oil price since 1991, prompting Goldman Sachs to predict Brent oil could drop to US$20 per barrel this year. On early March 9, the Japanese government issued lower-than-expected economic data for 2019, heightening fears the global economy may come to a recession under the growing impacts of the Covid-19 epidemic. The Federal Reserves (FED) on March 3 cut interest rates by 0.5% in an emergency move, prompting 65% of traders to expect the FED to continue lowering interest rates by 0.75% in the upcoming meeting on March 17. If it happens, the cut in the federal funds rate would take the …

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The Hanoitimes - The decline was stronger than a 5.89% tumble in May 2014 when China started a territorial spat with Vietnam. Vietnamese shares on Monday plummeted the most since 2001 as traders strived to exit the markets on panic over the Covid-19 epidemic and a global crude price war. Source: Bloomberg The loss was stronger than a 5.89% tumble in May 2014 when China sent a gigantic oil rig within Vietnam’s exclusive economic zone, initiating a territorial spat between the two countries. On the HoSE, as many as 368 tickers closed in negative territory, 14 stood still and only 34 others managed to go north. The VN30 Index, formed by the 30 largest and most liquid stocks, dropped 6.35% to 782.85, with all the constituents ending in red and 23 hitting the lower limits. Main stock indexes at the close on March 9. Source: SSI Investor sentiment, already fragile, became sourer after the announcement of the first cases of coronavirus infection in Hanoi and other localities, according to VNDirect Securities. …

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Market leader Hoa Phat Group last month exported over 12,000 tonnes of products, mostly cold-galvanized steel, to North and South America. This followed an export of 10,000 tonnes in January to Belgium and Spain. The company targets producing 300,000-400,000 tonnes of steel products this year, 30-40 percent of which are likely to be exported. Its competitor Hoa Sen Group last month set a new export record of 121,000 tonnes of galvanized steel worth more than $100 million. The group has a network of over 85 countries and territories, with main markets being the U.S, Mexico, Europe and Southeast Asia. Vietnam’s steel industry is expected to see growth of 5-6 percent this year, with global demand set to rise by 4.1 percent thanks to recovery in developed markets, according to the Vietnam Steel Association (VSA). Other drivers for growth include expectations of rising public investment in infrastructure, the recovery of the real estate market and more foreign direct investment, said VSA deputy chairman Trinh Khoi Nguyen. The industry started 2021 strongly, with a 61 percent year-on-year rise in production volume to 2.65 million tonnes. Domestic sales in the period rose 55 percent to 2.12 million tonnes, while exports rose 53 percent in value to $553 million. These figures indicate robust recovery prospects this year after VSA saw half of its members reporting plunging revenues last year, especially in the first and second quarter, due to Covid-19 impacts. However, trade officials have warned that rising safeguard measures could hurt the industry. Last month, Indonesia imposed an anti-dumping duty of 3.01-49.2 percent on Vietnam cold steel sheets. In January, Malaysia revised duties on cold-rolled coils of alloy and non-alloy steel from Vietnam to 7.42-33.7 percent for the period between January 24 and May 23. The U.S. and Canada have also slapped anti-dumping duties on Vietnam’s steel products in recent years. The Trade Remedies Authorities …

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