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Saturday,  May 26,2018,14:58 (GMT+7)

VN-Index tumbles below 1,140 points

Phuong Thao
Thursday,  Apr 19,2018,19:16 (GMT+7)
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VN-Index tumbles below 1,140 points

Phuong Thao

HCMC – A heavy selloff in the construction and banking sectors hit the stock market on April 18, with the VN-Index shedding a hefty 14.75 points, or 1.28%, at 1,138.53.

Market breadth was negative as up to 184 stocks declined while only 103 others rose. Turnover on the HCMC exchange remained sluggish as both volume and value slid around 2% against April 17 at 172 million shares worth VND5.3 trillion.

Among 10 leading stocks by market cap, dairy giant VNM and gas firm GAS were the only gainers, adding 1.6% and 1% at VND187,500 and VND129,300 a share respectively. Meanwhile, major banks VCB, BID and CTG were the biggest drags on the main index, slumping 3.2%, 4% and 3.4%.

MSN, a consumer goods firm, dipped 3.8% at VND100,000 a share. Leading property firm VIC gained ground in early trading but closed down by a mild 0.08% at VND129,900 per share.

Other bank stocks like VPB, MBB and STB also decreased sharply. Meanwhile, HDB and EIB bucked the trend, jumping 1.9% at VND51,800 per share and 4.1% at VND16,450 respectively.

Investors steered cash from bank stocks into penny stocks. IDI, FLC, and ASM, which are active in the property and aquaculture sectors, became volume leaders with more than seven to eight million shares exchanged each and increased by 4.9%, 0.5% and 2.2%.

Some small stocks like agricultural firm HAI, mining firm AMD and furniture company TTF went up to the ceiling prices. Meanwhile, financial group OGC, property firm QCG and mining firm KSH closed at their floor prices, in which OGC reported high matching volume of over 6.8 million shares.

The HNX-Index of the Hanoi Stock Exchange slumped 1.09% against the day earlier at 132.78 points but turnover on the Hanoi bourse sharply improved due to bottom fishing. There were 60.7 million shares worth VND897.8 billion changing hands, up 32% and 23.7% respectively.

Among heavyweights, petroleum technical service firm PVS and insurer PVI advanced slightly and property firm DL1 remained unchanged. In contrast, construction firm VCG fell 3.6% at VND112,500 per share.

SHB was the most actively traded stock with 23.6 million shares traded but the lender slid 3.7% at VND12,800 per share. Its fellow bank ACB declined 1.2% at VND48,900 a share with volume of 3.2 million shares.

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