VN-Index loses 9 points as Fed announces interest rate hike
Vietnam’s benchmark VN-Index went down 8.51 points, or 0.81%, to close at 1,040.61 on Thursday as investors exercised caution over the impact of the U.S Federal Reserve’s (Fed) interest rate hike.
The U.S. central bank on Wednesday raised its benchmark overnight interest rate by a quarter of a percentage point to the 5.00%-5.25% range, the highest level since 2007. It is the 10th straight interest-rate hike since last March.
An investor watches market developments on her laptop screen. Photo courtesy of Vietnam News Agency.
The Ho Chi Minh Stock Exchange (HoSE), represented by the index, saw up to 247 losers and 143 gainers, with nearly 626 million shares changing hands for nearly VND10.5 trillion ($447.8 million).
Blue chips were the main force dragging down the VN-Index as their VN30 index plunged 11.79 points to 1,039.64, with up to 21 tickers declining. VCB of Vietcombank, down 2.2%, had the most negative impact on the market.
Banking stocks were in red, with a series of codes with high liquidity falling 0.6-1.8%. Among those were STB of Sacombank, VPB of VPBank, SHB of Saigon-Hanoi Bank, and MBB of MBBank.
Meanwhile, the securities group showed the best performance, with APS of Asia-Pacific Securities, AGR of Agribank Securities, and VIX of VIX Securities hitting their ceiling prices.
Divergence was seen in real estate, manufacturing, aviation and retail groups.
Foreign investors turned net sellers on the HoSE to the tune of over VND300 billion ($12.8 million). They mainly net sold VNM of Vinamilk, CTG of VietinBank, and STB.
The HNX-Index on the Hanoi bourse went up 0.67 points to 208.15, while the UpCOM-Index on the unlisted public company market dropped 0.5 points to 77.27.
- Related News
- Read More
Hoiana golf tournament raises $473,000 for disadvantaged children in Quang Nam
Hoiana Resort & Golf has raised over VND1.2 billion ($473,000) from holding a charity golf tournament to support disadvantaged children in the central province of Quang Nam.
Society - Sun, April 28, 2024 | 7:14 pm GMT+7
Dragon Capital-linked funds raise holding in retailer Mobile World to 6.25%
Six funds related to Dragon Capital, one of major fund management companies in Vietnam, have bought in a combined 4.66 million shares of leading Vietnamese retailer Mobile World Investment Corporation.
Companies - Sun, April 28, 2024 | 4:24 pm GMT+7
Vietnam real estate market can flourish again with shift in focus: experts
New policies, low interest rates, and projects serving real housing needs can see Vietnam’s real estate market recover by the end of 2025 and grow sustainably, experts said.
Real Estate - Sun, April 28, 2024 | 2:50 pm GMT+7
Real estate giant DIC Corp notches biggest quarterly loss since listing
Development Investment Construction JSC (DIC Corp), among Vietnam’s top real estate developers, incurred a loss of VND117.2 billion ($4.62 million) in the first quarter of this year, marking its largest quarterly loss since floating shares in 2009.
Companies - Sun, April 28, 2024 | 2:30 pm GMT+7
Vietnam startup funding down 17% to $529 mln in 2023, 3rd in Southeast Asia
Vietnamese startups secured $529 million in total funding in 2023, a 17% decline from the previous year, according to the 2024 Vietnam innovation and tech investment report released Friday.
Finance - Sun, April 28, 2024 | 10:04 am GMT+7
Vietnam’s Eximbank elects third chairperson in three years
Ho Chi Minh City-based Eximbank has elected Nguyen Canh Anh as its chairman for the 2020-2025 term, the third one since early 2022, as the private lender manages to resettle its leadership.
Companies - Sun, April 28, 2024 | 9:38 am GMT+7
Central Vietnam province okays Swiss-invested $126 mln bamboo board factory
Vietnam’s central province of Thanh Hoa has given an in-principle nod for staBoo Thanh Hoa JSC to invest VND3,199 billion ($126 million) in a factory for manufacturing bamboo oriented strand board (bamboo OSB).
Industries - Sun, April 28, 2024 | 7:10 am GMT+7
Revisit A1 Hill: 'Mud, Blood, Flowers'
As the nation approaches the 70th anniversary of the Dien Bien Phu Victory, all eyes are turning towards the westernmost part of the Fatherland – Dien Bien, with profound gratitude.
Travel - Sun, April 28, 2024 | 12:04 am GMT+7
Vietnamese dong to slide further 1% by year-end: Bank of America
The Vietnamese dong, the local currency, is projected to weaken by an additional 1% by the year-end after sliding sharply against the U.S. dollar since the start of this year, according to Bank of America.
Banking - Sat, April 27, 2024 | 10:39 pm GMT+7
Industrial park developer Idico targets 22% profit hike, 40% cash dividend
Leading industrial park developer Idico Corporation has targeted revenues and pre-tax profit of VND8.46 trillion ($334 million) and VND2.5 trillion ($98.7 million) this year, up 13% and 22% year-on-year, respectively.
Companies - Sat, April 27, 2024 | 9:23 pm GMT+7
Indonesia’s coffee exports surpass imports
Indonesia’s coffee exports have surpassed imports for 47 consecutive months since May 2020, the Central Statistics Agency (BPS) reported.
Southeast Asia - Sat, April 27, 2024 | 8:53 pm GMT+7
Thai central bank intervenes to stabilise currency
The Bank of Thailand (BoT) said it has intervened in currency markets at times to ease any excessive moves in the THB, adding that the current policy rate is robust and conducive to economic recovery, reported the Bangkok Post.
Southeast Asia - Sat, April 27, 2024 | 8:52 pm GMT+7
Indonesia's first thermal power plant stops operating
Indonesia's Ministry of Maritime Affairs and Fisheries (MMAF) has held a press conference to inform about the country’s progress in the early decommissioning of the Cirebon-1 thermal power plant.
Southeast Asia - Sat, April 27, 2024 | 8:49 pm GMT+7
'Tunnel king' Deo Ca plans to invest over $3.7 bln in building roads
“Tunnel king” Deo Ca Group plans to build about 400 km of highways and ring roads with a total investment of more than VND94,000 billion ($3.7 billion) by 2030.
Companies - Sat, April 27, 2024 | 5:17 pm GMT+7
Real estate major DIC plans high-end medical centers for Vietnam expats
Real estate major DIC Corp has plans to build facilities offering advanced medical care for long-term expat residents in the central province of Thanh Hoa and the southern province of Ba Ria-Vung Tau.
Companies - Sat, April 27, 2024 | 4:40 pm GMT+7
Ponagar Temple Festival 2024 to open in Nha Trang
The Ponagar Temple Festival, a popular traditional cultural event of the ethnic Cham people, will take place on Sunday at the Ponagar Temple Relic Site in Nha Trang town, the central coastal province of Khanh Hoa.
Travel - Sat, April 27, 2024 | 3:05 pm GMT+7
