US votes cautious investors, stocks fell

November 09, 2016 | 13:40

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The on-going US election has caused the local stock market to see a mass fall in all indices this morning.

Finishing the morning trading session, the benchmark VN Index on the Ho Chi Minh City Stock Exchange lost 1.25 per cent to close at 668.01 points after a previous two-day gain of 1.5 per cent. There were 231 tickers falling while only 26 saw increase in trading price.

Meanwhile, the HNX Index on the Hanoi Stock Exchange lost nearly 3.7 per cent to close at 78.26 points. Similarly, VN30 Index lost 9 points (representing 1.4 per cent) to close at 633.01 points. The same decrease was experienced by other indices including VNMID Index (down 9.17 points) VN100 Index (down 7.98 points and VNALL Index (down 637.91 points).

All bluechips (VN30) witnessed decrease in price, and strong sell by investors as a result. For example, VNM (Vinamilk) closed the morning section at VND139,300 ($6.3), down VND1,600 ($0.07) compared the last trading session. MWG (Mobile World Group) lost VND 2,900 ($0.13) while BVH fell by VND 2,100 ($0.1).

Yesterday on November 8, the VN-Index traded in the green the entire session, closing with a small gain amid low volume. Trading lacked conviction as the combined value in Ho Chi Minh City and Hanoi was below $100 million for a third straight day, according to Viet Capital Securities Company (VCSC).

US voters go to the polls to choose a president and a projected winner should be announced during Vietnamese trading hours today.

“If Clinton wins, global stocks will likely continue a rally that began Monday. A Trump victory would surprise markets and investor concern over his economic and foreign policies would likely spark an initial sell-off,” said VCSC’s report.

By By Thanh Xuan

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