Vietnam’s stocks resumed its losing track after a strong rebound yesterday as sellers took the chance to exit amid tightening conditions.
The benchmark VN Index fell 3.76 points or 0.8% to 461.86. Volume rose 7.6% to 28.3 million shares traded for VND685.33 billion.
Analysts cannot see a sustainable rally yet but they see opportunities in buying into the lows for long term investors. Short term and T+4 trading risks remained.
There was a doldrums of news today. Headlines showed that gold deposit interest rates fell further to a range of 0.2%-0.8% p.a. in line with the government’s plan to close gold deposit and lending activities in 2 years time.
In related news, the dong fell VND5 to VND20,703 a dollar midpoint or VND20,915 a dollar ceiling on the basis of 1% trading band. Banks continued to sell dollar under the ceiling rate and keep wide spread between bid and ask to minimize risks.
Local gold price fell VND300,000 to VND37.3 million as global gold prices fell in Asia trade this morning, breaking down $1,500 threshold.
The market opened in the red with 2.3 million shares changed hands. Trading was more active, but this time sellers took control, no efforts to recover were seen. The only positive thing in today trade was higher volume.
The market breadth turned broadly negative, losers outpaced gainers by a ratio of 195 to 57 and 37 stocks unchanged. The number of floor losers rose to 43 while 15 stocks gained 5% limit.
SSI was the most active stock with 1.6 million shares traded, closing down 2% to VND19,800.
EIB ranked second in the list with 0.8 million shares traded, closing down 0.7% to VND14,500.
STB was in the third place with 0.7 million shares traded, closing down 2% to VND13,200.
NTB and KTB followed in the list with 0.6 million shares traded each.
On the Hanoi Stock Exchange, the HNX resumed its falling streak with a loss of 1.53 points or 1.79%, closing at 83.74. Losers outnumbered gainers by 215-65. Trading volume fell to 29.6 million shares worth VND397 billion.
PVX was the most active stock on the bourse with 5 million shares traded, closing down 5.3% to VND14,400 on average.
VND ranked second in the list with 2.2 million shares traded, closing flat at VND14,600.
KLS was in the third place with 2.1 million shares traded, closing down 1% to VND9,800.
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