1. Financial market News
Blue chips turn red to end four-session VN-Index gains
The VN-Index slumped 1.16 percent to 852.74 points Thursday, with all but one of Vietnam’s 30 blue chips in the red. Total transaction volume fell slightly over the previous session, reaching VND5.2 trillion ($221.79 million), but remained far above last month’s average liquidity of VND4.2 trillion ($179.14 million).
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2. Banking news
China's efforts to resolve financial risks slowed by virus - local central bank head.
China’s efforts to resolve risks among high-risk financial institutions have been hampered by slower economic conditions caused by the outbreak of the new coronavirus, the head of a provincial branch of the central bank told Reuters. The government dropped its annual growth target in its 2020 work report delivered at the open of the National People’s Congress on Friday, with Premier Li Keqiang warning that financial risks are mounting in the world’s second-biggest economy.
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3. International financial News
Senate Passes Bill to Delist Chinese Companies From Exchanges
Notably, on May 20, the Senate passes bill to delist Chinese companies from exchanges. Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. may be barred from listing on U.S. stock exchanges if they cannot certify that they are not under the control of a foreign government. This leads to an increase in intense relations between the world’s two largest economies.
Detailed information here.
Khoa TCNH