Tuesday,  Sep 25, 2018,07:50 (GMT+7) 0 0
Stocks take a nosedive
Phuong Thao
Tuesday,  Mar 6, 2018,23:00 (GMT+7)

Stocks take a nosedive

Phuong Thao

HCMC – The VN-Index of the Hochiminh Stock Exchange started the week with a heavy fall on March 5 as investors dumped blue chips.

The index lost a whopping 27.73 points, or 2.47%, against last Friday at 1,093.48. Turnover on the HCMC bourse strongly improved as volume and value jumped 32% and 47% at 277.6 million shares worth VND9.7 trillion.

The put-through market was more active with 24.9 million shares traded, contributing over VND1.8 trillion to the total market value.

HPG encountered strong selling pressure, plunging to the floor price of VND61,700 per share with matching volume soaring to a record high of 18.9 million shares. Notably, foreign investors net sold 3.15 million shares of the steelmaker.

According to tinnhanhchungkhoan.vn, margin account holders registered at Saigon Securities Inc. could not buy shares of HPG as the margin limit had been used up. Therefore, investors became anxious as they got no explanation on March 5.

Within three days after the Lunar New Year (Tet) holiday, HPG sold nearly 50,000 tons of steel, including 15,000 tons to the U.S. market. However, the nation just announced to slap tariffs on steel and aluminum imports last weekend.

Among large caps, retail firm VRE and lender BID fell to the floor prices of VND51,400 and VND35,200 per share with volume of 4.8 million shares and 2.6 million shares respectively. Many securities firms like SSI, HCM, VND and BSI also closed at the floor prices, in which SSI reported volume of 8.9 million shares.

In contrast, dairy firm VNM increased 1.5% at VND202,400 per share. In the banking sector, HDB saw the mildest loss for dipping 1.2% at VND43,000 a share with nearly 2.6 million shares traded.

On the Hanoi market, lender ACB dragged the HNX-Index down to the intraday low of 125.51 points, falling 2.74 points, or 2.14%, against the previous session. There were 70 million shares worth VND1.28 trillion changing hands, including nearly 4.8 million shares traded in block deals with a combined value of VND56.3 billion.

Among the top 10 heavyweights, only two stocks managed to rise while the others declined or closed unchanged. PVS, an oil and gas firm, decreased 3.8% at VND25,200 a share and construction firm VGC slid 2.9% at VND23,100 per share.

In the banking sector, ACB tumbled to the intraday low of VND44,000 per shares, down 0.8% versus last Friday, with volume of 6.17 million shares while SHB, the volume leader with 19.8 million shares transacted, lost 0.8% at VND12,600 a share.

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