Monday, August 20 2018

VietNamNews

Stocks slump under heavy sell-offs

Update: November, 27/2014 - 08:56
On the HCM City Stock Exchange, the benchmark VN-Index lost nearly 10 points, or 1.68 per cent, to close the session at 576.04 points - the lowest in five months - as the decliners tripled the advancers. — Photo dantri.com.vn
HA NOI (VNS)  — Stocks unexpectedly tumbled yesterday afternoon under heavy selling on both blue chips and speculative shares, despite positive performances in the morning.

On the HCM City Stock Exchange, the benchmark VN-Index lost nearly 10 points, or 1.68 per cent, to close the session at 576.04 points - the lowest in five months - as the decliners tripled the advancers.

Steep falls of large-cap shares also pushed the VN30 which tracks the top 30 shares by market value and liquidity down 1.08 per cent to finish at 616.48 points.

Except Masan Group (MSN) and Vinamilk (VNM) which ended flat, other major blue chips like Vietcombank (VCB), Hoa Phat Group (HPG), VinGroup (VIC) and Bao Viet Holdings (BVH) fell off between 1.8-2.7 per cent.

PV Gas (GAS), the biggest stock by market capitalisation, also dipped 4.57 per cent.

Even speculative stocks were sold heavily, including the most active stocks, such as FLC Group (FLC), Tan Tao Investment Industry (ITA) and Hoang Quan Consulting Trading Service Real Estate (HQC).

FLC fell hardest with a decrease of 4.92 per cent to close at VND11,600 ($0.54) a share. It was also the most active code with more than 29 million shares traded.

Liquidity soared. The market volume jumped 40 per cent over Tuesday, totaling 162 million shares, while value of trades climbed 50 per cent to reach VND3.03 trillion ($142.3 million).

"It's unimaginable to see the red prevailing across the two boards this afternoon after positive performances in the morning. There is no reason for stocks to plunge so suddenly. It must be the result of massive selling activity," Le Duc Hiep, a Ha Noi-based investor commented.

On the Ha Noi Stock Exchange, the HNX-Index also slid 1.57 per cent to end at 87.54 points as the losers outnumbered the gainers by 125-81. The other 159 stocks closed flat.

Liquidity also improved here with the market volume rising 75 per cent over the previous session to reach nearly 77 million shares, worth VND1.1 trillion ($51.6 million).

Speculative stocks were also offloaded here, led by KLF Joint Venture Global Investment (KLF) with 16.5 million shares traded. KLF dropped 9.7 per cent to settle at VND13,00.

Foreign investors turned heads to be net sellers in HCM City yesterday with a net sell value of nearly VND38 billion ($1.8 million). They remained net buyers in Ha Noi but with a modest value of just VND13 billion ($610,300). — VNS

Send Us Your Comments:

See also: