Market goes down upon heavy selling

11-Aug-2018 Intellasia | The Saigon Times | 6:02 AM Print This Post

The HCM City stock market succumbed to a heavy selloff, prompting the benchmark VN Index to shed 2.77 points, or 0.29 percent at 963.5. Bank stocks as major boosters in recent sessions also came under heavy selling pressure which led to their value declining on the Hochiminh Stock Exchange.

With 136 stocks rising and 152 others sliding, the VN Index turned down after a mild rise the day earlier. However, there were 167.6 million shares worth over VND4.2 trillion changing hands on the southern bourse, up 8 percent and 18 percent respectively against the previous session.

The local put-through market was active with 11.38 million shares valued at VND444.7 billion in which consumer goods firms saw 1.13 million shares worth VND102.2 billion traded.

Bank stocks came under strong selling pressure which resulted in their prices falling. For example, lender VCB slumped 1.3 percent at VND61,300 per share while HDB dropped by a slight 0.3 percent to VND36,400 each.

VIC was the biggest drag on the southern bourse, as the bank plunged 4.2 percent at VND104,200 per share. Many other heavyweights such as BID, TCB, MBB and STB also stayed in negative territory.

Lenders CTG and VPB bucked the trend, with their prices rising by 0.4 percent and 1.1 percent at VND24,050 and VND26,900 respectively.

Rising blue chips kept the southern market from a steep plunge. Brewer SAB rose by a steep 4 percent at VND208,000 while jewellery company PNJ was up 3.8 percent at VND108,700. Dairy producer VNM further rose by 1 percent at VND157,000 per share while property firm VHM grew by 0.6 percent at VND108,700. Low-cost air carrier VJC also closed up 1.8 percent at VND108,700 a share.

STB, VPB and CTG were the most actively traded stocks in the banking sector. STB saw 8.03 million shares changing hands while the other two had over seven million shares traded each.

Among speculative stocks, property developers led by liquidity.

Notably, the cooperation with local auto giant Thaco helped property firm HAG shoot up to its daily upper limit, with over 2.8 million shares traded. However, its affiliate HNG slid by 3.1 percent at VND15,500 each, as the number of shares at low prices was large, though more than 5.5 million shares were sold.

Meanwhile, the HNX-Index of the Hanoi Stock Exchange inched up 0.13 point or 0.12 percent against the previous day at 107.8. The northern market saw 72 gainers and 74 decliners, and traded more than 40.2 million shares worth over VND649.9 billion.

Lender ACB rose by 0.3 percent at VND36,800, and the firm saw 6.02 million shares changing hands.

Petroleum firm PVS was the most heavily traded stock on the Hanoi bourse with over 8.8 million shares changing hands. However, its price edged down 1.5 percent at VND19,800.


Category: Stocks, Vietnam

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