Selloff hits bluechip stocks

05-Dec-2019 Intellasia | The SaigonTimes | 6:02 AM Print This Post

Investors rushed to sell shares on the local market this afternoon, December 3, especially bluechips, leading the VN Index to continue edging lower.

The benchmark index of the Hochiminh Stock Exchange rose from the reference level late in the morning, backed by bottom-fishing transactions. However, a strong selloff later drove the index down to the intraday low of 953.43 points, declining 0.61 percent against Monday, with 129 stocks increasing and 190 others losing.

Trading volume jumped 26 percent versus the session earlier at over 260 million shares and value picked up 65 percent at over VND7.4 trillion. Notably, block deals contributed nearly VND4.2 trillion to the total value, mainly from 30 million shares of housing developer VHM worth VND2.7 trillion.

Among the bluechips that came under selling pressure, consumer goods firm Masan Group (MSN) plunged to its floor price of VND64,200 per share, with over two million shares changing hands.

MSN on December 2 released information concerning the listing of its meat business Masan MeatLife on the local bourse.

Moreover, a major deal between Vietnamese conglomerate Vingroup and local retail giant Masan has attracted the attention of the local market today. Under the deal, VinCommerce and VinEco, which are the retail and agriculture arms of Vingroup, will be merged with Masan Consumer Holdings. Masan Group will take control of the new business entity’s operations while Vingroup functions as a shareholder.

Meanwhile, in the Vingroup family, property firm VIC and retailer VRE closed at their reference prices, while housing developer VHM fell slightly.

Bank stocks were also among the main drags on the VN Index as most of them tumbled. VPB dropped as much as 4 percent while its peers VCB and STB lost 1.8 percent and 2.5%, respectively.

Among the large-cap shares that lost heavily, dairy firm VNM fell to its floor price for five consecutive sessions. Since the start of November, VNM lost 13.7%.

While many speculative stocks dipped, real estate developer FLC and its subsidiaries gained. FLC recently held a press briefing to introduce opportunities for investment in its airline stock Bamboo Airways.

On the Hanoi market, the HNX-Index gained 0.17 percent to close at 101.07 points, with 62 winners and 73 decliners. The index escaped loss amid strong selloff thanks to the support of big-cap stocks such as gas firm PVS, lender SHB, and industrial company VCS.


Category: Stocks, Vietnam

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