Sell-off sends stocks tumbling
The Saigon Times
|Investors at a local securities company. Hundreds of stocks plunge due to a sell-off today, April 16 – PHOTO: TRAN NGOC LINH|
HCMC – Hundreds of stocks plunged due to a sell-off, dragging the VN-Index of the Hochiminh Stock Exchange down by 8.54 points, or 0.68%, at 1,238.71 points today, April 16.
The southern bourse witnessed only 81 stocks advancing against 355 others declining. Turnover on the bourse improved with volume and value rising 22.23% and 4.64%, respectively, at 985.7 million shares and VND21.6 trillion.
Block deals amounted to over 37.89 million shares, valued at nearly VND1.7 trillion.
Bank stocks were the main drag of the market as most of them plummeted, such as BID falling by 2.4% at VND42,000, HDB by 2.6% at VND26,650 and TPB by 3.8% at VND17,700.
Many other blue-chip stocks ended in the red as well. Insurer BVH lost 2.7% at VND57,900; fuel distributor PLX slid 2.9% at VND52,800; and dairy firm VNM inched down 2.2% at VND96,900.
Financial service provider TCH still posted the largest decline of 4.2% at VND22,950.
On the other hand, ROS surged 6.9% to its ceiling price of VND7,710. Thus, ROS has seen 11 consecutive rising sessions. It also had the highest liquidity on the southern bourse with 101.77 million shares changing hands.
Real estate firm FLC also reported a positive growth of 4.5% at VND13,850. There were 61.85 million FLC shares transacted, lower than that of ROS only.
FLC’s associated firms, AMD and HAI, were also bright spots of the market as they added 3.6% and 4.2%, respectively.
On the Hanoi Stock Exchange, the HNX-Index fell 3.01 points, or 1.02%, at 293.11 points. There were 218.5 million shares worth nearly VND3.6 trillion traded on the northern market.
FLC’s other affiliated company, KLF, still maintained at its ceiling price of VND6,900 and led the bourse in terms of liquidity with 26.21 million shares traded.
In the HNX30 basket, asset management corporation TVC posted the sharpest increase of 6.7% at VND14,400.
Meanwhile, other large-cap stocks still continued their falling trend. For example, industrial development firm IDC plummeted 3.8% at VND35,600 and insurance company PVI lost 2% at VND33,500.
Except for KLF, the five stocks with the highest liquidity traded in the red. Specifically, lender SHB edged down 0.8%; and property firm CEO dropped 5.8%.