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Stocks take nosedive

Phuong Thao
Thursday,  Aug 10,2017,23:42 (GMT+7)
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Stocks take nosedive

Phuong Thao

HCMC – The local stock market took a nosedive on August 9 as investors flocked to offload banking stocks, dragging the VN-Index down by a hefty 17.91 points, or 2.26%, at 773.66.

BID was the focal stock in the selling pressure due to a false rumor of the arrest of a former BID leader. The stock plunged to the floor price of VND20,400 per share on matching volume of 9.7 million shares. According to VNDirect Securities Company, the three lenders VCB, CTG and BID dragged the main index down by over 2.5 points.

Having hit the ceiling price for 22 sessions in a row, agricultural chemical producer HAI fell to the floor price of VND20,950 share with 11.3 million shares traded. HAR, a property enterprise, also plunged to the floor price after a long rising streak.

On the other hand, TSC, which supplies technology and agricultural goods, went up to the ceiling price for the fifth straight session with 14.8 million shares changing hands. Financial investment group OGC also hit the upper limit thanks to strong demand with trading volume of nearly 13.2 million shares.

Securities experts from vietstock.vn noticed that the sellers turned active when BID dropped to the floor price in the morning phase.

In general, negative information of BID was not the main reason for the sell-off as the leader showed up on local media to reject the rumor. It was profit taking pressure from investors that caused the market crash.

Earlier, many investors tried to lock in profits when the VN-Index approached the resistance of 800 points while some stocks increased strongly. The BID rumor was just an “excuse” for investors to boost the selling pressure.

Notably, many large caps and blue chips were heavily sold during the trading time on August 9, with the VN30-Index tumbling 2.25% at 741.36. Therefore, the market is forecast to see further negative impacts from the stocks within the next few days, the experts said.

Despite rising demand at the end of the day, the HNX-Index closed down 1.19% at 101.07. Turnover on the northern bourse sharply increased, rising 42.7% in volume and 49.2% in value to 120.6 million shares worth VND924 billion.

The HNX30 basket saw up to 20 falling stocks while five stocks advanced and four others moved sideways. Among bank stocks, SHB lost 4.3% while ACB closed with a 1.5% loss.

KLF, a trading and service firm, added nearly 5.3% to VND4,000 a share and took the lead for liquidity with 25.8 million shares traded. SHB was the second most actively traded stock with matching volume of 18.6 million shares.

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