Local stocks tumble due to market sell-off
The Saigon Times
|An employee of HCMC Securities Corporation looks at stock quotations on a desktop computer. The benchmark VN-Index of the HCMC market shed over 40 points to close at its intraday low today, April 22, due to a strong sell-off – PHOTO: THANH HOA|
HCMC – The benchmark VN-Index of the HCMC market shed over 40 points to close at its intraday low today, April 22, due to a strong sell-off.
With 80 advancers and up to 365 decliners, the main index lost 40.46 points, or 3.19% over the session earlier at 1,227.82. Turnover on the southern bourse contracted nearly 8% in volume and 11% in value against the previous session at over 770 million shares and more than VND20.6 trillion, including some VND2 trillion worth of shares traded in block deals.
None of the stocks in the VN30 basket increased, with only lender VCB and mobile phone retailer MWG closing unchanged. Retailer VRE, brokerage SSI, sugar maker SBT, and consumer goods producer MSN were the poorest performers as they closed at their floor prices.
Besides this, two bank stocks CTG and STB nearly fell to their floor prices, plunging 6.8% and 6.7%, respectively. Other big losers were financial service provider TCH, lender BID, housing developer VHM, and electricity firm POW, which edged down around 5%, in addition to VIC, HDB, BVH, and KDH.
Regarding liquidity, lender STB was the most actively traded stock in the basket with over 35.4 million shares changing hands, followed by steelmaker HPG with a matching volume of 33 million shares, lender CTG with over 21.4 million shares, and lender VPB with 18.5 million shares.
Trading among speculative stocks also turned negative with scores of stocks felling to their floor prices such as ITA, HAG, HQC, HSG, SCR, TTF, KBC, PVD, HBC, DCM, and GVR. Of them, industrial park developer ITA reported the highest matching volume of over 22.7 million shares.
AMD, VIX, and VPG, meanwhile, bucked the market downtrend as they hit their upper limits.
Property group FLC and construction firm ROS, two members in the FLC family, were the two most actively traded stocks on the southern bourse, with 38.1 million and 36 million shares transacted, respectively, but they ended with losses.
On the northern bourse, the HNX-Index lost 9.44 points, or 3.18% versus the previous session to close at 287.04, with 39 stocks rising and 157 others dipping. Lender SHB led the Hanoi market by liquidity with over 29.9 million shares traded.