Stock market crashesPhuong Thao HCMC – Stocks took a nosedive on January 17 as sellers locked in profit after recent strong gains, with the VN-Index shedding a hefty 28.27 points, or 2.66%, at 1,034.69. According to securities enterprises, market sentiment was negatively affected by a draft amendment to Decision 87, proposed by the State Securities Commission (SSC). According to the document that has been sent to brokerage firms for feedbacks, the equity required for each margin lending transaction should not be below 60%, a significant increase from the current 50%. The money flow, especially from local retail investors, therefore could be tightened. This indicates some caution by the SSC regarding the strong rally in share prices this year. Blue chips were key factor behind the steep decline as only confectionery firm KDC and construction firm ROS in the VN30 basket managed fractional rises. Meanwhile, VNM, the country’s leading dairy enterprise, fell 3.9% at VND200,100 per share. The HCMC market saw 332.6 million shares worth VND8.6 trillion exchanged at the end of the day, down 2.2% and 4.7% versus Tuesday respectively. There were VND1.6 trillion worth of block deals, including VND150.6 billion worth of shares of lender HDB and VND133.8 billion… Read full this story
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