Bottom fishers help reduce loss

04-Jul-2018 Intellasia | The Saigon Times | 6:02 AM Print This Post

Stocks plunged to nearly 930 points today, July 2, before late bottom fishing helped the VN Index of the Ho Chi Minh Stock Exchange reduce the heavy loss.

With losers far outnumbering gainers by 237 to 62, the main index fell by 13.63 points, or 1.42 percent, against the previous session to close at 947.15 at the end of the day. The trading volume on the exchange improved by 15 percent at 168.2 million shares, but the value dropped slightly by 2 percent to reach VND4 trillion.

Bottom fishers sent some blue chips recovering in the afternoon phase, with brewery firm SAB adding 2 percent at VND230,000 per share. Steel maker HPG and leading fuel distributor PLX closed the day at the reference prices, while property firms VIC and VHM saw their losses sharply reduced.

However, entertainment firm YEG and some securities firms like VCI and HCM still plunged to floor prices. SSI escaped from floor trading, but the brokerage firm still lost 3.5 percent at VND27,500 per share on a matching volume of 7.5 million shares.

Having hit the floor price in the morning, DXG bounced back and ended with a 3.1 percent decrease. The property firm was the most heavily traded stock among medium firms, with seven million shares being traded.

The banking sector saw VCB and HDB rising, while the remaining seven lenders slumped. TCB, CTG and BID gave up over 4 percent each, while STB and TPB declined by 3.9 percent and 1.8 percent to reach VND11,100 and VND27,000 per share, respectively.

Among small stocks, FLC led the southern market for liquidity, with 12.5 million shares being traded, but the real estate firm slid by 5.5 percent to VND4,780 per share. Agricultural firm HNG was the best gainer in the group, gaining 2.4 percent to hit VND10,200 per share.

The HNX Index of the northern bourse slumped for the fifth consecutive session, shedding 3.4 points, or 3.21 percent, at 102.76. The Hanoi market saw 43.7 million shares, worth VND710 billion, changing hands, up by 53 percent and 67.6 percent, respectively, versus last Friday, including block deals valued at VND35.5 billion.

Among large caps, lender ACB dipped by 6.4 percent to VND33,300 per share, while its fellow bank SHB declined by 4.8 percent to VND7,800 per share. The two banks reported a matching volume of more than 6.5 million shares each.

Brick producer VCS was the best performer for jumping 7.9 percent to VND84,500 per share, with 4.6 million shares traded. In contrast, property firm CEO fell by 6.8 percent to VND12,300 per share on a volume of 1.75 million shares.


Category: Stocks, Vietnam

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