Stocks in Vietnam tipped to fall further as US interest rate hike looms
STOCK markets in Vietnam look likely to continue falling this week as investors remain cautious ahead of the US Federal Reserve’s meeting. The sharp drop in oil prices during the last three sessions is also dampening expectations, analysts say.
The benchmark VN Index on the HCM Stock Exchange fell 0.5 per cent to finish last Friday at 712.21 points. The index recorded a total fall of 0.6 per cent after the last two trading days.
The two-day losing streak also erased all gains the VN Index had made in the previous four-day period. It closed down slightly below the previous trading week’s ending level of 712.62 points.
On the Hanoi Stock Exchange, the HNX Index rose 0.5 per cent on Friday to close the last trading session at 88.13 points. The northern market index rallied total 1.8 per cent in four days and gained 1.7 per cent week on week.
Last week’s daily average trading volume fell 3.1 per cent to nearly 236.7 million shares, while the daily average trading value increased by 8.8 per cent to VND4.18 trillion (US$186 million).
Foreign investors recorded a net sell value of VND131.26 billion on Vietnam’s stock market, which was a big reverse compared to a net buy value of VND349 billion made in the previous trading week.
