18:23 (GMT +7) - Wednesday 26/10/2016

Banking & Finance

Indexes hit by Brexit result

Released at: 18:13, 24/06/2016 Stock Market Watch

Indexes hit by Brexit result

Vietnam unable to escape effect of win for "Leave" camp in UK.

by Hung Khanh

As with almost all stock markets around the world, the United Kingdom’s decision to leave the European Union had an impact on trade in Vietnam on June 24.

All indexes tumbled, with the VN-Index down 11.50 points (1.82 per cent) and the VN30-Index 13.81 points (2.59 per cent) on HSX while the HNX-Index fell 1.71 points (2 per cent) and the HNX30-Index 3.97 points (2.59 per cent) on HNX.

The UpCoM Index closed down 1.84 points (3.14 per cent).

HSX saw only 51 shares increase and 206 decrease while HNX saw 91 increase and 244 decrease.

Liquidity on both markets increased significantly, doubling the amount seen yesterday. HSX saw VND4.6 trillion ($206.03 million) change hands via order matching, or 124 per cent higher than yesterday. On HNX, VND1.32 trillion ($59.12 million) changed hands via order matching, up 143 per cent against yesterday. Total liquidity in the two markets was the highest since April 2014.

Officials from the VNDirect Securities Corporation and MB Securities both said that demand for “bottom fishing” was high throughout the day.

The VN-Index headed downwards from the beginning of the morning session and closed at 610.64 points. It followed the same trajectory early in the afternoon, bottoming out at 597.92 points before recovering to close at 620.77 points.

Losses were everywhere on HSX. BVH closed down 3.3 per cent, HPG 3.2 per cent, CTG 2.9 per cent, VCB 2.5 per cent, VNM 2.1 per cent, VIC 1.9 per cent, BID 1.7 per cent, GAS 1.6 per cent and MBB 0.7 per cent. According to Mr. Nguyen Thanh Lam, Manager of Retail Research at MayBank KimEng, some shares took advantage of EUR currency exchange rates, with BCC rising 9.9 per cent, HT1 7.9 per cent and NT2 6.7 per cent.  

On HNX, ACB closed at its opening price and PHP and NTP were both up 0.5 per cent, while other large caps fell. VCG closed down 4.4 per cent, PVS and VNR both 4.3 per cent, SHB 3.2 per cent, VCS 2.9 per cent and DBC 2.6 per cent.

Foreign investors net sold on both markets, by VND22 billion ($985,380) on HSX and VND25 billion ($1.11 million) on HNX. Both were nothing out of the ordinary.

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