Market falls despite positive news on repayment terms

Monday, Apr 24, 2023 17:33

A man passes by Techcombank's headquarters in Ly Thuong Kiet Street, Ha Noi. The bank's shares soared by nearly 2.8 per cent, cushioning the market's losses. — VNS Photo Ly Ly Cao

The market opened the new week on a negative note due to persistent risk-off mood despite positive news on the restructuring of debt repayment terms.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index finished 1.55 points, or 0.15 per cent, lower to 1,041.36 points. This marked its second straight daily loss.

The market’s breadth was in the negative zone with losers outnumbering winners on the southern bourse.

Liquidity also declined over the previous trading session, of which the trading value dropped by 6.2 per cent to VND9.1 trillion (US$389.1 million), equivalent to a trading volume of nearly 557 million shares.

The VN30-Index, tracking the 30 biggest stocks on HoSE, was little changed on Monday as the number of gainers was equal to the number of decliners.

Specifically, the VN30-Index fell 0.01 points to close the trading day at 1,046.17 points. Of the VN30 basket, 14 stocks slid, while 14 others added points and two stayed flat.

The HNX-Index on the Ha Noi Stock Exchange (HNX) also dipped by 0.16 points, or 0.08 per cent, to 206.76 points.

During the trade, about 62 million shares were traded on the northern exchange, worth VND828.66 billion.

The top three ticker symbols dominating the bearish trend were PV Gas (GAS), Masan Group (MSN), and BIDV (BID), with all losing at least 1.1 per cent.

Also weighing on the market’s sentiment, Mobile World Investment Corporation (MWG) also posted a decrease of 2.29 per cent.

Benchmarks pared losses thanks to the positive performances of some large banks, including Techcombank (TCB), Vietcombank (VCB), Vietinbank (CTG) and MBBank (MBB). Of which, TCB was the biggest gainer with a rise of 2.79 per cent.

Except MBBank, the other three banks held their general meetings of shareholders last week.

The market experienced poor performance despite news that the State Bank of Vietnam (SBV) issued a circular to allow credit institutions to restructure the repayment terms and keep the debt group unchanged.

The new policy came into effect from April 24 to the end of June 30, 2024.

The purpose of the circular is to support clients struggling with production and business expenses.

On the other hand, foreign investors were net buyers on Monday. In particular, they net bougth VND240.97 billion on HoSE and a small value of VND716.63 million on HNX. — VNS

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