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Roundup: Vietnam's HCMC stock index loses 600-point threshold

Xinhua, November 27, 2015 Adjust font size:

Vietnam's VN-Index, a capitalization-weighted index of all the companies listed on the Ho Chi Minh City Stock Exchange, lost the threshold of 600-point this week to finish at 582.86 points on Friday.

There were four losing sessions in the total of five trading days.

According to stock experts, the market went down because many bank shares lost their value after the Vietnamese Government Inspectorate announced that it would inspect some financial institutions, including Vietcombank, the Bank for Investment and Development of Vietnam and Vietinbank, which had highest amounts of non-performing loans.

The selling pressure of investors in blue-chips and large-cap stocks also played a key role in dragging down the index.

The VN-Index closed at 582.86 points on Friday, down 7.54 points, or 1.28 percent, from the previous trading day. The index lost 21.6 points, or 3.7 percent on a weekly basis.

During the week, the index experienced only one up but four downs, posting the highest level of 599.99 points on Monday, and the lowest level of 582.86 points on Friday. In comparison, it ranged between 601.9 points and 609.21 points in the previous week.

About 142.236 million shares worth 2.181 trillion Vietnamese dong (99.66 million U.S. dollars) changed hands on Friday, a decrease of 10.91 percent in volume and 0.45 percent in value from Thursday.

According to analysts from the Bao Viet Securities Company, medium- and long-term investors should remain cautious in the coming time. Enditem