Wednesday,  Oct 24, 2018,03:36 (GMT+7) 0 0
Stocks crash for 2nd day
Phuong Thao
Wednesday,  Feb 7, 2018,22:41 (GMT+7)

Stocks crash for 2nd day

Phuong Thao

HCMC – Stocks crashed for the second straight session following the biggest point drop in the U.S. stock market on February 6, pushing the VN-Index down a whopping 37.11 points, or 3.54%, at 1,011.6.

There were 480 million shares worth more than VND15.1 trillion changing hands on the HCMC market, soaring 70.2% and 82% against the previous day respectively. The put-through market saw 116 million shares worth nearly VND5.7 trillion traded, including 94.5 million shares of retail group VRE.

Some heavyweights recovered due to bottom fishing in the final matching phase, in which property firm VIC rose to the reference level of VND81,100 a share with matching volume of 6.4 million shares and steelmaker HPG, the second most actively traded stock on the southern bourse with nearly 15 million shares transacted, added 1.8% at VND58,000 per share.

Lender STB also made a nice rebound, closing up 1.7% at VND15,400 per share and taking the lead by liquidity with 32.9 million shares traded. KBC, which had just been removed from the VN30 basket, reported volume of 6.8 million shares, gaining 2.4% at VND12,900 a share.

On the other hand, large-cap stocks like retailer VRE, insurer BVH and oil and gas firm PLX still tumbled to their floor prices. Most speculative stocks closed in negative territory, including property firms HAG and FLC with matching volume of 13 million shares and over 15 million shares respectively.

The Hanoi market also saw a late recovery as a number of leading stocks in the real estate and banking sectors trimmed their losses or bounced back. However, large caps such as SHB, PVS and SHS still dropped sharply.

Lender SHB, the volume leader with 46.2 million shares traded, fell 2.4% at VND11,600 per share while petroleum firm PVS plunged to the floor price of VND21,800 a share. Bank stock ACB lost 2.8% at VND38,900 a share and securities firm SHS declined 2% at VND19,900 per share.

In contrast, VGC, a construction firm, climbed 4% at VND23,400 per share with matching volume of 1.8 million shares. Property stock CEO also propped up the market, adding 1% at VND10,400 a share with 1.7 million shares traded.

The HNX-Index slumped 3.21 points, or 2.78%, compared to Monday at 115.64. There were nearly 127 million shares worth VND1.7 trillion changing hands on the Hanoi bourse, including block deals valued at VND123 billion.

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