Thursday , November 30 2023

Stock trading hits five-week low

Vietnam’s benchmark VN-Index rose 0.45 percent to 1,459.33 points Wednesday with trading value plunging to a five-week low as investors tread carefully amid uncertainties.

The index stayed in the green throughout the day and closed nearly seven points higher after rising over six points Tuesday.

Markets in China and other Asian countries also rose Wednesday afternoon on rising hopes Beijing will roll out more economic stimulus.

But trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, plunged 14 percent to VND18.74 trillion ($819 million), lowest since February 7.

The VN30 basket, comprising the 30 largest capped stocks, saw 15 tickers in the green, with BVH of insurance company Bao Viet Holdings rising 2 percent after hitting a four-week low.

SAB of brewer Sabeco gained 1.8 percent, and VCB of state-owned lender Vietcombank went up 1.7 percent.

Other gainers included MBB of lender MB, up 1.6 percent, and KDH of real estate firm Khang Dien House, up 1.2 percent.

Twelve blue chip stocks fell, with BID of state-owned lender BIDV losing 1.2 percent and VJC of budget airline Vietjet falling 0.7 percent.

PDR of Phat Dat Real Estate Development and POW of electricity producer Petrovietnam Power Corporation both dropped 0.6 percent.

Foreign investors were net sellers for the eight straight session to the tune of VND300 billion with focus on VIC of biggest private conglomerate Vingroup and VHM of real estate giant Vinhomes.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.60 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.42 percent.

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