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Banking & Finance

Stock market sheds $1.7 billion after holiday

Released at: 12:33, 05/05/2015

Stock market sheds $1.7 billion after holiday

Both HoSE and HNX lose ground on May 4.

by Minh Tuyet

The VN-Index finished 17.32 points down, or 3.08 per cent, to 545.08 points after the first session following the public holiday, on May 4, according to the Ho Chi Minh City Stock Exchange (HoSE). The HNX-Index fell 2.8 points, meanwhile, or 3.38 per cent, to 79.95 points. Liquidity totaled VND2.3 trillion ($106.3 million) for the day.

HoSE began losing ground as soon as the morning session opened, by 1.78 points, to 660.62 points.

Both HoSE and the Hanoi Stock Exchange (HNX) then recovered slightly. By 10am, however, the VN-Index began to tumble, with more bids triggering greater concern among investors who then chose to also sell.

When the morning session on HoSE ended, 170 stocks had declined and 30 had increased. On the HNX 133 had lost and 37 had gained. Total liquidity was VND900 billion ($41.6 million). The VN-Index ended the session at 558.87 points and the HNX-Index 81.55 points.

In the afternoon session liquidity on both exchanges rose to a total of VND2.3 trillion ($106.3 million), with the selling continuing.

The first stock exchange session for May saw two opposite attitudes among investors. While domestic investors were nervous and tried to sell, foreign investors stayed calm and bought. Profit by foreign investors stood at over VND236.8 billion ($10.9 million).

Almost VND37 trillion ($1.7 billion) was wiped off the market over the course of the day, with HoSE being VND33 trillion ($1.5 billion) lighter.

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