VinaCapital and Dragon Capital, two of the biggest trading firms in Vietnam, have urged other investors to stay calm and not react to rumours, after the VN-Index lost 40 points or 3.34 percent of its value on Monday, VN Expres is reporting.
For context: Rumours spread Friday that several members of the Ho Chi Minh Stock Exchanage (HOSE) executive board had resigned. This was swiftly rebutted Friday afternoon by the HOSE.
On a side note: Though not mentioned in either of the aforementioned articles, on Friday it was also announced that the State Bank of Vietnam had issued US$411 million in treasury bills. Theoretically, reducing the money supply could put upward pressure on interest rates which would also adversely impact stocks.
