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Stocks plunge on heavy selling

Phuong Thao
Friday,  Nov 3,2017,14:23 (GMT+7)
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Stocks plunge on heavy selling

Phuong Thao

HCMC – Stocks took a nosedive on November 2 as sellers took the upper hand in transaction hours, pushing the VN-Index down a massive 9.62 points, or 1.14%, from the session earlier at 833.09 points.

Having staged a strong recovery on Wednesday, bellwether ROS tumbled in the afternoon phase. The construction stock lost 6.4% at VND200,300 a share with over 776,000 shares traded.

Among the bank stocks, BID fell 2.2%, CTG lost 1.6% and VPB dropped to near its floor price. In the oil and gas sector, GAS lost a slight 0.5%, and PVD dipped 1.6% after a six-day winning streak. PLX closed at an intraday low of VND56,800 per share, down 6.6% against the previous day.

Notably, MGW declined for a fourth session in a row although it announced a sale of over 9.2 million employee stock ownership plan (ESOP) shares at VND10,000 each. The electronic store chain operator’s stock dropped 5.4% at VND120,000 a share with matching volume of over 1.8 million shares.

Selling pressure made trade active on the HCMC market, with volume jumping 12.5% to nearly 193 million shares and value soaring 20.9% to VND4.3 trillion. Property stock FLC was the most liquid stock with 7.4 million shares changing hands but lost 1% at VND6,320 per share.

The HNX-Index also closed at an intraday low of 103.42 points, down 1.48% against the previous session. The Hanoi market saw 51 million shares worth nearly VND727 billion transacted, up 11.4% and 18% versus Wednesday respectively.

HNX30 stocks were the main index drags. In the bank stock group, ACB fell 2.9% to VND29,800 per share with over 3.2 million shares traded while SHB declined 1.3% at VND7,800 a share with trade volume of 2.7 million shares.

DST became the most actively traded stock with nearly 4.8 million shares traded but the Nam Dinh Province-based education equipment firm plummeted 5.2% at VND20,000 per share.

PIV, which is active in the finance sector, ranked second by liquidity with 4.2 million shares traded. The stock also tumbled over 5% at VND20,000 a share.

Foreign investors remained active net buyers as they net bought over VND216 billion of shares on the HCMC market and VND22 billion of shares on the Hanoi bourse. Notably, they strongly bought into blue chips on the southern exchange such as bank stock BID, national gas group GAS and food enterprise KDC.

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