Jul 1: VN-Index Nosedives as Most Stocks Plunges

VNStockNews.com - The Vietnamese main stock market fell for a third day in a row as local investors offloading shares on fears that the new fuel price hike will burden enterprises which are struggling to ride out economic crisis.

The investor sentiment weakened today after the government has decided to raise prices of petroleum by over 5% of fuel products.

Besides, inflation fears, repo halt, deposit rate hike and global sank share prices.

However, many analysts anticipated the downtrend would be over soon.

The VN-Index lost 18.29 points, or 4.08%, to close at 430, extending its three-loss to 6.8%.

The measure advanced 8.9% in June, the fourth winning month, and 36.24% in the year to date, according to data compiled by FPT Securities.

The index was down 16.1% from the yearly high on June 9 but up 82.59% from its four-year low on February 24, the broker’s data showed.

Among 162 stocks included to calculate the index and four closed-end funds on HOSE, four advanced, 157 declined and five remained unchanged.

All 10 stocks with largest market shares plunged.

Trading volume rose 12.25% from a day earlier to 45.21 million shares and fund units valued at VND1,825 billion, up 26.8%.

Giant lender STB, the largest stock by listing volume, was the most active stock with 6.68 million shares changed hands. The bank’s shares slid 4.87% at VND33,200 per share.

Yesterday-listed VCB, the fourth largest lender in Vietnam by assets, was the second most traded on 6.25 million shares, which added 0.83% to VND60,500 per share.

VFMVF1, the largest listed fund, came third in liquidity with 2.35 million fund units, which dropped 4.27% to close at VND11,200 per share.

Newly-listed BVH, the largest insurer in Vietnam, decreased 4.72% to close at VND50,500 per share on a trade of 1.75 million shares.

SSI, the largest listed securities broker, fell 4.69% to close at VND61,000 per share on a trade of 1.73 million shares.

According to FPT Securities, 125 stocks closed at their lowest intraday prices which are capped at 5%.

SHG led the upswing with 4.48% gain to close at VND70,000 per share on a trade of 1,710 shares. VTB added 2.27% to close at VND13,700 per share on a trade of 5,220 shares.