Ha Noi (VNA)- A huge fall-off in the value of blue-chips in both stock markets caused massive dumping of shares on February 12 after a week-long Lunar New Year festival holiday.
FPT shares of the leading national IT giant, the Financing and Promoting Technology Company and REE shares of the Refrigeration and Engineering Company and many other blue-chips all suffered a sharp drop in value. Some even fell below the floor prices, pushing the VN-Index of the Ho Chi Minh City Stock Exchange down 18.39 points by the end of the session, finishing at 841.23 points.
Consequently, transaction volume and value shrank by one half as compared to pre-Tet sessions, with 6.5 million shares changing hands at a value of 477 billion VND.
The fall-out of the southern stock exchange made an impact on the Ha Noi market, the HaSTC-Index of which finished 8.09 points down to 290.11 points.
Experts said the devaluation in stock value did not surprise investors as they were all informed of the dark situation in the US and Asian markets.
They added that the G7’s pessimistic assessment on the global economy in 2008 has dealt another huge blow on the psychology of investors worldwide and Viet Nam as well.--Enditem
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