VN Index plummets below 955 points

14-Jun-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

A low demand for large-cap stocks resulted in a heavy selloff at the beginning of the afternoon trade, dragging down the VN Index to below 955 points at the close today, June 12.

The index on the HCM City bourse closed at 954.17 points, losing nearly eight points, or 0.82 percent, against the session earlier.

The HCM City exchange saw 107 gainers and 183 losers, with trade volume slightly rising over 1 percent against the day earlier at 138 million shares and value advancing 23 percent at VND3.9 trillion. Of the figures, there were 38 million shares worth VND1.6 trillion traded in block deals.

Large-cap stocks closed the day in the red while the VN30 basket saw only four stocks, including lender HDB, steelmaker HPG, retailer MWG and sugar maker SBT, gaining at the close. Three million HPG shares were traded and SBT added 2.99 percent, with more than 1.4 million shares changing hands.

The top 10 stocks by market capitalisation ended the session down, with property developer VIC falling 0.85 percent at VND116,000 per share and housing developer VHM dropping 2.32 percent. Gas firm GAS dipped 2.4 percent at VND101,500 per share after three days of rising.

Among these stocks, only lender CTG had over one million shares changing hands today.

Construction firm ROS led the HCM City bourse by liquidity with 12 million shares transacted, closing the day down 1.79 percent at VND30,100.

According to Bao Viet Securities Company, the southern market is expected to face correction pressure tomorrow. The VN Index might rebound after dropping to the supporting zone around 950 points. Trade volume will maintain a low level. Besides this, bank and oil and gas stocks are predicted to face correction pressure in several sessions.

On the Hanoi Stock Exchange, the HNX-Index edged down 0.4 points, or 0.38 percent, at 103.56. Trade volume rose 13.7 percent to 27.3 million shares and value advanced 15.7 percent to VND295 billion.

Facing the same fate as the southern bourse, the northern exchange saw most of the large-caps stocks losing at the close.

Lender ACB, gas firm PVS and industrial firm VCS ebbed 0.35 percent at VND28,500 per share, 2.64 percent and 1.27 percent, respectively. Insurer PVI bucked the downtrend, closing the session up 0.56 percent at VND36,000 per share while construction firm VCG, lender SHB, infrastructure developer DL1 and plastic firm NTP closed at their reference prices.

PVS, apparel firm TNG and agriculture firm HKB were the most actively traded stocks, with over one million shares traded each on the northern bourse.

Foreign investors net sold some VND29 billion worth of shares, chiefly VHM and HPG, on the southern bourse while real estate group DBC and HKB shares were net sold the most on the Hanoi exchange.


Category: Stocks, Vietnam

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