|Investors trade at the BIDV Securities Company (BSC) trading floor in Ha Noi. Stocks tumbled for the fourth day in a row yesterday on the two exchanges. — VNS Photo Truong Vi
HA NOI (VNS) — Stocks tumbled for the fourth day in a row yesterday on the two exchanges. The slump continued as investors unloaded shares in fear of liquidity drains from banking stocks.
On the HCM Stock Exchange, the benchmark VN-Index lost nearly 13 points, or 2.26 per cent, to close the session at 557.47 points.
The VN30, which tracks the top 30 shares by market value and liquidity, also decreased 2.17 per cent to end at 585.47 points.
The market condition was especially negative when the number of decliners nearly tripled that of advancers.
Bank shares were the biggest losers. Large banks like Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG), Eximbank (EIB) and Vietcombank (VCB) plunged to just around the floor price, capped at 7 per cent a day.
According to many analysts, investors increased selling out to earn short profits as these shares climbed substantially in previous rallies.
Liquidity improved just slightly yesterday with nearly 97 million shares worth VND1.55 trillion (US$72.4 million) traded by the end of the session. It was up 15 per cent compared to Monday's figure.
FLC Group (FLC) remained the most active code with trades of 7 million shares, but its price sank 1 per cent to close at VND10,100 a share.
On the Ha Noi Stock Exchange, the HNX-Index also tumbled 2.21 per cent to finish yesterday at 82.56 points, led by the downturn of blue chips like Asia Commercial Bank (ACB), down 7.71 per cent; Sai Gon-Ha Noi Bank (SHB), down 5.68 per cent; and Sai Gon Thuong Tin Real Estate Co (SCR), down 1.3 per cent.
The HNX30, the tracker of the top 30 shares by liquidity, also dropped 2.53 per cent to end at 158.72 points.
The market breadth was also depressed with those in the negative doubling that of gainers.
The market volume saw little change from the previous session, totaling 44.4 million shares worth VND531.4 billion ($25.2 million).
The investment arm of FLC Group, KLF Joint Venture Global Investment co (KLF) led in the Ha Noi market with 7.7 million shares traded, ending flat at VND10,000 a share.
Foreign investors continued to sell off local shares yesterday but at a slower pace. Their activity is responsible for a combined net sell of VND43 billion ($2 million) worth of shares in the two markets. — VNS