Stock Market

Petroleum, banking stocks declineBy Phuong Thao HCMC – Heavy selling pressure sank many leading stocks in the banking and petroleum sectors today, November 14, sending the VN-Index of the Hochiminh Stock Exchange down for the second straight session. The main index closed at a four-month low of 900.93, losing 4.45 points, or 0.49%, against the previous session. Without large block deals like Tuesday, turnover on the southern market turned low, with volume and value contracting 16% and 6% at 142.3 million shares worth nearly VND3.4 trillion, respectively. Oil and gas stocks slumped further as the global oil price extended its losses, with gas group GAS shedding nearly 4% at VND90,200. Meanwhile, fuel distributor PLX fell 2.6% at VND55,000 and drilling firm PVD lost 3.7% at VND15,300. For the banking sector, eight out of nine listed lenders closed in the negative territory, in which BID was the top loser for slumping 3.6% at VND21,200. Meanwhile, EIB and TPB bucked the trend as … [Read more...] about Petroleum, banking stocks decline

Oil and gas stocks sink VN-IndexBy Phuong Thao HCMC – A slump of global oil price hard hit the domestic petroleum sector today, November 13, sending the VN-Index of the Hochiminh Stock Exchange down to near its four-month low of around 900 points again. According to Maybank Kim Eng Securities Company, the local market went in line with the U.S. downtrend, since oil prices notched their worst losing streak ever after President Donald Trump had warned Saudi Arabia not to cut oil output. With 99 gainers and 194 losers, the VN-Index shed a hefty 12.74 points, or 1.39%, against the previous day at 905.38, as leading gas firm GAS dipped 2.8% at VND93,900. Trading volume and value on the market improved 36% and 21% at 170 million shares worth VND3.6 trillion, respectively. However, block deals made up a significant part with 37.2 million shares worth VND1 trillion traded. Among heavyweights, top brewery company SAB and logistics firm GMD advanced 2% and 3.7% at VND237,600 and … [Read more...] about Oil and gas stocks sink VN-Index

CPTPP spurs up seafood stocksBy Phuong Thao HCMC - Many seafood stocks went up to the ceiling prices or advanced strongly today, November 12, as Vietnamese lawmakers passed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Enterprises in the seafood sector are considered among those benefiting the most from the trade pact. The 14th National Assembly passed a resolution approving the CPTPP and related documents in the afternoon. The pact was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in March. On the local stock market, seafood exporter ACL came under heavy selloff after hitting upper limit for four sessions in a row, closing the morning phase at the floor. However, it bounced back sharply in the afternoon given the approval of the CPTPP and closed the day at the upper limit of VND36,900. Other firms in the sector such as AGM, ANV and CMX also shot up to the … [Read more...] about CPTPP spurs up seafood stocks

VN-Index predicted to keep struggling this weekBy Phuong Thao HCMC – The local stock market is expected to continue struggling this week, with the VN-Index of the Hochiminh Stock Exchange oscillating between a narrow range from 900 and 930 points amid sluggish turnover, stock brokers said. According to BIDV Securities Company, the stock market was driven up by only a few blue chips during rising sessions last week, while a number of mid-cap stocks dipped and returned to their low price levels. Large-cap stocks were mixed with property developer VIC, budget carrier VJC, dairy producer VNM and consumer goods firm MSN among the gainers. That shows the market needs some time to settle down and regain momentum at the current level to increase more strongly in the future, it said in a report. The mixed performances by heavyweights suggested that an uptrend, if any, would be not stable. In the next few weeks, large-cap stocks will take turns to lift the market up and lure investors … [Read more...] about VN-Index predicted to keep struggling this week

MWG dips on info leakage scandalBy Phuong Thao HCMC – Shares of Mobile World Investment Group (MWG) tumbled today, November 8, as local media had reported over the leakage of information of customers transacting at its The Gioi Di Dong electronic stores. Data on more than 31,000 transactions at the store chain using bank cards were breached and disclosed on RaidForums, a forum for database trading. The revealed information includes part of bank card numbers, and transaction times, venues and values. MWG had rejected the scandal overnight, but its share price still slumped 3.3% to the intraday low of VND108,300 in the morning phase. It rebounded a bit in the afternoon and closed the day down 1.8% at VND110,000. Meanwhile, the entire stock market went through another dismal transaction day, with trading value hitting a four-month low at VND2.7 trillion, down 13% against the session earlier. The VN-Index of the Hochiminh Stock Exchange advanced a slight 4.12 points, or 0.45%, at … [Read more...] about MWG dips on info leakage scandal