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Vietnam Business » Vietnam Stock Market News » HNX-Index Plunges on Tighter Credit

HNX-Index Plunges on Tighter Credit

The HNX-Index lost 5.62 points, or 3.9%, to close at 138.55, deepening its two-day loss to 5.01%. The measure slid 1.5% last week, with three falls and two gains. The today decline narrowed the year-to-date gains to 31.8%, according to data compiled by FPT Securities. It was down 25.61% from this year’s peak in June but was up 77.5% from the all-time low in February.

Most shares on the Vietnamese northern stock exchange plunged, sending down the HNX-Index in two straight days, after the central bank ordered the country’s largest commercial banks to follow tighter credit policy. The credit growth imposed on three state-owned commercial banks plus Vietcombank and Vietinbank, which together account for about 70% of lending, was capped at 25-27% this year. Investors anticipated the policy would narrow capital flows into the equity market in the coming time, experts said. “According to the state bank’s data, the overall credit growth as of end-June had risen 17% since the end of 2008.” Among 206 stocks listed on the northern bourse, 29 stocks advanced, 162 declined, two ended unchanged, and 13 closed untraded. All 10 stocks with largest market caps tumbled. Trading volume rose 3.5% from last Friday to 11.75 million shares valued at VND353 billion, down 2%. Asia Commercial Bank (ACB), the largest by market cap, was the most active stock on 2.43 million shares changed hands. The bank’s shares slid 5.05% to close at VND43,200 per share. Kim Long Securities (KLS) was the second most traded stock with 1.96 million shares, which slumped 6.47% to end at VND26,000 per share. Real estate developer Vinaconex (VCG) was the third most traded stock with 1.46 million shares, which nosedived 6.14% to VND27,500 per share. Real estate developer Kinhbac City (KBC) sank 3.85% to close at VND30,000 per share on 612,200 shares changed hands. Haiphong Securities (HPC) tumbled 6.55% to end at VND21,400 per share on a trade of 448,500 shares. SRA was the biggest loser, sliding 7% to close at VND9,300 per share on a trade of 1,900 shares, followed by SAF and S91. CMC was the biggest advancer, adding 6.62% to end at VND14,500 per share on a trade of 81,300 shares.

Vietnam Business And Financial News Network. Source [vnstock]

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