A Hòa Phát steel mill in Hải Dương Province's Kinh Môn District. The company's shares were among the large-caps that declined and dragged the stock market down on Wednesday. — VNA/VNS Photo Danh Lam HÀ NỘI — Việt Nam’s benchmark VN-Index slid on Wednesday with modest liquidity as investors remained quiet due to lack of supportive information. The VN-Index on the Hồ Chí Minh Stock Exchange inched down 0.17 per cent to end at 960.39 points. The southern market index lost 0.38 per cent on Tuesday. Trading liquidity was moderate with nearly 136.6 million shares traded on the southern bourse, worth VNĐ3.46 trillion (US$149 million). Large-cap stocks weighed on the market development as the VN30-Index, which tracks the performance of the 30 largest stocks by market value and trading liquidity, dropped 0.38 per cent to end at 869.58 points. Nineteen of the 30 stocks in the VN30-Index lost … [Read more...] about Vietnamese shares drop as worries persist over global slowdown
Global growth worries fed
Cash notes are counted at Vietcombank's office in Vĩnh Yên City of Vĩnh Phúc Province. The bank shares shed 0.7 per cent on Wednesday. — VNA/VNS Photo Trần Việt HÀ NỘI — Vietnamese shares gained slower on Wednesday afternoon as a lack of supportive information and worries about global economy recession weighed on the market sentiment. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange inched up 0.03 per cent to close at 951.41 points. The VN-Index gained as much as 0.76 per cent during the day. It rose 0.50 per cent on Tuesday. The market is missing much needed information that is strong enough to boost morale, according to Sài Gòn-Hà Nội Securities (SHS). The US central bank Fed’s decision to lower interest rates in 2019 hardly had any positive impact on the Vietnamese market, SHS said in its daily report. The decline of trading liquidity proved domestic investors were getting … [Read more...] about VN stocks slow gains down on economic worries
At the end of 2018, Viet Nam’s Gross Domestic Product (GDP) – one of the primary indicators used to gauge the health of a country’s economy – was announced by Vietnam General Statistics Office, beating forecasts made by many international institutions. Earlier, the International Monetary Fund (IMF) predicted the country’s 2018 GDP growth rate would stand at 6.6 per cent in its October report titled ‘Asia at the Forefront: Growth Challenges for the Next Decade and Beyond’. The Australia and New Zealand Banking Group’s Research Unit lowered its projection by 0.2 percentage points to 6.5 per cent. Though more optimistic, the Asian Development Bank (ADB) still cautiously adjusted its growth forecast from 7.1 per cent to 6.9 per cent for 2018. In fact, the 2018 figure reached an amazing growth rate of 7.08 per cent, the strongest growth Vietnamese people have seen in 10 years. However, whether the country is able to maintain such good … [Read more...] about High growth in 2019: Realistic or optimistic?
European stocks retreat in face of Fed rate hike, Source: AFP/File | Ben Stansall Wall Street stocks, which had tumbled on Wednesday after the Fed defied unprecedented pressure from President Donald Trump to raise rates, slid further on Thursday. In Japan, the Nikkei plunged to a 15-month low after the Dow struck its lowest level of 2018 on Wednesday. Oil prices meanwhile dived to fresh 15-month lows, prolonging volatility that has gripped the crude market in recent weeks. In Europe, London's benchmark FTSE 100 index slid 0.8 per cent, with losses capped by stronger-than-expected UK retail sales data. In the eurozone, Frankfurt's DAX 30 shed 1.4 per cent and the Paris CAC 40 slumped 1.8 per cent. Both are near lows for the year. The euro, meanwhile, hit a six-week high at US$1.1486. On the corporate front, shares in Airbus plunged nearly 10 per cent after French daily newspaper Le Monde said the European aircraft manufacturer could face fines of several billion dollars under a US … [Read more...] about European stocks retreat in face of Fed rate hike
Viet Nam News HÀ NỘI — Worries over global economic growth and tensions pushed Việt Nam’s benchmark VN-Index down for a second day. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HOSE) lost 0.53 per cent to close Friday at 958.36 points. The southern market index declined by total 1.36 per cent in the last two sessions. The HNX Index on the Hà Nội Stock Exchange was up 0.17 per cent to end at 108.10 points. The northern market index slipped 1.35 per cent on Thursday. The VN-Index lost total 1.2 per cent this week and the HNX Index was down total 1.51 per cent. Nearly 191 million shares were traded on the two local exchanges, worth VNĐ4.48 trillion (US$199 million). The market breadth was negative on Friday with 235 declining stocks against 175 gaining ones. Large-cap stocks were struck by heavy selling, which sent the blue-chip VN30 Index down 0.62 per cent to 931.69 points at the end of the day. In the VN30 … [Read more...] about Worries push VN Index down for 2nd day
Viet Nam News HÀ NỘI — Vietnamese shares declined on Thursday as investors worried about the short-term prospects of global stocks. In addition, the two-day increase of the stock market triggered profit-taking among investors. The benchmark VN Index on the HCM Stock Exchange fell 0.84 per cent to close at 963.47 points. The southern market index had gained a total 2.1 per cent in the previous two sessions. The HNX Index on the Hà Nội Stock Exchange lost 1.35 per cent to end at 107.91 points. The northern market index had increased by total 1.6 per cent in the previous two trading days. More than 186 million shares were traded on the two local exchanges, worth VNĐ3.8 trillion (US$169 million). Stocks across the two exchanges were hit by profit-taking pressure after the market had increased for two straight days before. Market breadth was negative with 166 gaining stocks against 281 declining. Among the 30 largest stocks by market capitalisation … [Read more...] about Stocks fall after two days of growth
In a statement that marked the end of the era of “accommodative” monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent. The U.S. central bank still foresees another rate hike in December, three more next year, and one increase in 2020. That would put the benchmark overnight lending rate at 3.4 percent, roughly half a percentage point above the Fed’s estimated “neutral” rate of interest, at which rates neither stimulate nor restrict the economy. That tight policy stance is projected to stay level through 2021, the timeframe of the Fed’s latest economic projections. “The thing that folks were watching for, which they went ahead and did, was remove the word ‘accommodative’ in regard to their monetary policy,” said Michael Arone, chief investment strategist at State Street Global Advisors. “It does seem to potentially … [Read more...] about Fed raises US interest rates, sees at least three more years of growth
In a statement that marked the end of the era of “accommodative” monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent. The U.S. central bank still foresees another rate hike in December, three more next year, and one increase in 2020. That would put the benchmark overnight lending rate at 3.4 percent, roughly half a percentage point above the Fed’s estimated “neutral” rate of interest, at which rates neither stimulate nor restrict the economy. That tight policy stance is projected to stay level through 2021, the timeframe of the Fed’s latest economic projections. “The thing that folks were watching for, which they went ahead and did, was remove the word ‘accommodative’ in regard to their monetary policy,” said Michael Arone, chief investment strategist at State Street Global Advisors. “It does seem to potentially … [Read more...] about Fed raises U.S. interest rates, sees at least three more years of growth
Results from the first half of this year showed Viet Nam’s economy had maintained impressive growth momentum. However, despite the promising economic prospects this year, the economy still faced many challenges. Pham Sy Thanh, director of the China Economic Research Programme at the Viet Nam Centre for Economics and Policy Research, and Tran Toan Thang, head of the National Centre for Socio-economic Information and Forecast’s World Economic Department, spoke to Viet Nam News reporter Nguyen Linh Anh about the likely challenges in the second half as well as the impact of external factors, particularly US-China trade tensions, on Viet Nam’s economy. In the first half of this year, only 30 per cent of public investment capital was disbursed, which was a relatively low. What was this? Pham Sy Thanh The figure shows that public sector restructuring efforts have not created radical changes, leading to the modest contribution of the sector. If this situation continues, the … [Read more...] about What challenges face VN’s economy in H2?
Fed walks careful line on trade, but downside risks emergingThe Saigon Times Daily Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on the “Semiannual Monetary Policy Report to Congress," at the Rayburn House Office Building in Washington, U.S., July 18, 2018 - PHOTO: REUTERS WASHINGTON (REUTERS) - Federal Reserve Chairman Jerome Powell's official line on U.S. trade policy is one of careful deference to the Trump administration, acknowledging it is outside the Fed's responsibility and that it might all turn out for the best. But in two days of congressional testimony and a broadcast interview last week the central banker also hinted the Fed may be more concerned about current trade tensions than it is letting on, as uncertainty reshapes business investment in ways that could alter the course of the economy and thus Fed policy. "Lots and lots of individual companies have been harmed by this. We don't see it in the … [Read more...] about Fed walks careful line on trade, but downside risks emerging