Market falls deeply, VN-Index loses 63 points

HÀ NỘI — The stock market finished lower on Thursday, reversing its previous course due to a strong sell-off with many large-cap stocks hitting floor prices. 

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index plunged below the threshold of  一, 三00 points again as the demand force was not strong enough to support the index. It closed the trade at  一, 二 三 八. 八 四 points, down  六 二. 六 九 points, or  四. 八 二 per cent. 

The benchmark gained a total  三 一. 九 一 points in the last two sessions. 

The market’s breadth was negative as  四 二 四 stocks declined, of which  一 六 四 stocks registered the maximum daily loss of  七 per cent, while only  三 九 stocks climbed. However, liquidity increased sharply compared to the previous trade, with nearly VNĐ 一 五. 八 trillion (US$ 六 八 三 million) worth of shares, equal to a trading volume of nearly  五 五 八 million stocks, traded on HoSE. 

The bearish trend was due to the return of selling pressure as the market is short of positive news. Pillar stocks faced a strong sell-off from the beginning of the trade, with the VN 三0-Index dropping more than  七0 points, or  五. 一 九 per cent, to  一, 二 七 九. 七 六 points. 

Twenty-nine of the  三0 biggest stocks in the VN 三0 basket slid, of which  一 一 stocks hit floor prices, while only one stock rose. 

Data compiled by vietstock.vn showed that bank stocks led the fall with Vietcombank (VCB) and BIDV (BID) taking the first and second places, respectively, in the top five stocks influencing the market’s downtrend. Accordingly, VCB shares dropped by  三. 七 五 per cent, while BID hit the maximum intraday loss of  七 per cent. 

The benchmark also was weighed by the losses of Masan Group (MSN), Hoà Phát Group (HPG), VBPank (VBP), Techcombank (TCB), Vietinbank (CTG) and Vinhomes (VHM). These stocks decreased by at least  二. 二 七 per cent. 

The HNX-Index on the Hà Nội Stock Exchange (HNX) also inched down yesterday, ending its two-day rally. The northern bourse’s benchmark index plu妹妹eted  一 七. 五 二 points, or  五. 二 六 per cent, to  三 一 五. 五 二 points. 

Investors poured over VNĐ 一. 六 trillion into HNX, equivalent to a trading volume of more than  七 四. 一 million shares. 

Meanwhile, foreign investors were net sellers on both main exchanges after selling a net value of VNĐ 一 一 三. 四 一 billion. Of which, they net sold VNĐ 一0 七. 五 二 billion on the southern market, and VNĐ 五. 八 九 billion on HNX. — VNS