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Stock market tumbles after bad news about Covid-19
The Saigon Times
Friday,  Jul 31, 2020,18:48 (GMT+7)

Stock market tumbles after bad news about Covid-19

The Saigon Times

Traders are at work at HSC Securities Corporation in HCMC in this file photo – PHOTO: THANH HOA

HCMC - A record surge in new local Covid-19 infections in Danang City resulted in the local stock market’s heavy selling, dragging the benchmark VN-Index down 2.74 points today, July 31.

On the Hochiminh Stock Exchange, losing stocks outnumbered winners by 255 to 115. The VN-Index dropped by 0.34% to close the day at 798.39 points.

There were 250 million shares worth VND3.9 trillion changing hands, up 32.15% in volume and 22% in value against the previous session.

Of the top index draggers, dairy producer VNM fell by 1.8% to VND107,000, brewery SAB down 1.2% to VND168,000, lender VCB down 1.29% to VND76,400 and retailer VRE down 3.28% to VND25,100 per share.

Vingroup’s property firm VIC and housing developer VHM were among a few gainers, increasing by 2.82% to VND87,500 and 1.44% to VND77,700 per share, respectively.

Among speculative stocks, many dropped to the floor prices, with industrial zone developer ITA dipping by 6.99% to close at VND3,590 and real estate stock DLG falling by 6.77% to VND1,240.

On the Hanoi Stock Exchange, the HNX-Index lost 0.59 point, or 0.55%, to end at 107.51 points, with 70 winners and 75 losers. There were 32 million shares worth VND273 billion traded.

Stocks on the northern market fluctuated slightly. Some bluechips including lenders ACB and SHB and property firm VCS fell by approximately 0.5%, while lender NVB lost 1.1% to VND8,600 and petroleum stock PVS down 1.8% to VND10,700. Service company THD was the biggest loser, dipping by 7.1% to VND65,000.

Some stocks in the HNX30 basket such as pharmaceutical company DHT, real estate company NRC and investment and trading company TNG gained ground but that was not enough to drive the market up.

Trading and food service firm KLF was the most actively traded stock on the northern market, with 3.22 million shares traded at VND1,500 each.

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