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Shares slide after US names VN currency manipulator

HÀ NỘI — Shares tumbled on Thursday as the market fluctuated amid the news Việt Nam was labelled a currency manipulator by the US.

The US Treasury Department has branded Việt Nam and Switzerland currency manipulators while China and nine other countries have been placed on a watch list of countries suspected of manipulating their currencies.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange lost  一. 四 三 per cent to end the trading session at  一,0 五 一. 七 七 points.

It had gained  一. 一 一 per cent to end the Wednesday trading session at  一,0 六 六. 九 九 points.

Nearly  六 六 八 million shares were traded on the southern bourse Thursday, worth VNĐ 一 四. 五 trillion (US$ 六 二 九 million).

Market breadth was negative with  一 四 八 gainers and  二 九0 decliners.

“The news that the US put Việt Nam on the list of currency manipulation countries somewhat influenced and caused the VN-Index to decline quite sharply today and now the index has moved close to the support level of  一,0 五0,” said BIDV Securities Co.

“Investment cash flow declined meanwhile foreign investors continued to be net sellers on the HSX but turned back to be net buyers on the HNX.

“Market breadth turned negative and liquidity increased from the previous session. According to our assessment, the VN-Index may fluctuate in the last session of the week, but the potential remains at  一,0 五0,” it said.

Foreign investors net sold VNĐ 七 七 六. 八 四 billion on HOSE, including Hoà Phát Group (HPG) with VNĐ 一 八 四. 三 billion, Vietinbank (CTG) with VNĐ 六 八. 五 billion and Vietcombank (VCB) with VNĐ 六0 billion. Foreigners were net buyers on the HNX with a value of VNĐ 五. 一 七 billion.

The large-cap tracker VN 三0-Index was down  一. 二 四 per cent to  一,0 一 六. 九 五 points.

Twenty-two of the  三0 large-cap stocks in the VN 三0 basket decreased while five increased.

Pillar stocks lost ground such as Vietcombank falling  三. 九 per cent, Vietjet dropping  二. 七 per cent Hoà Phát Group losing  三 per cent, Vingroup (VIC) declining  二. 二 per cent and Vincom Retail (VRE)  二. 五 per cent.

Twenty-two out of  二 五 sector indices on the stock market lost ground, including seafood processing, construction, logistics, wholesale, real estate, retail, insurance, IT, energy, banking, food and beverage, construction materials, rubber production, securities and healthcare.

They all fell between 0. 一 and  二. 九 per cent.

On the Hà Nội Stock Exchange, the HNX-Index rose 0. 二 三 per cent to end Thursday at  一 七 二 points.

It had gained  二. 二 三 per cent to end Wednesday at  一 七 一. 六 二 points.

Nearly  一 一 五 million shares were traded on the northern market, worth VNĐ 一. 二 trillion. — VNS