Monday,  Oct 22, 2018,22:06 (GMT+7) 0 0
VN-Index plummets below 1,080 points
Phuong Thao
Tuesday,  Apr 24, 2018,15:10 (GMT+7)

VN-Index plummets below 1,080 points

Phuong Thao

HCMC – The local stock market started the week with a steep decline on April 23, driven by a massive sell-off in the banking, securities and real estate sectors. Given 68 rising stocks versus 230 others closing down, the VN-Index lost 43.08 points, or 3.85%, against last Friday at 1,076.78.

Without huge block deals, trading volume on the HCMC market inched up a mere 2% at 218 million shares while value slumped 23% at VND7.1 trillion.

For the banking sector, six out of eight lenders plunged to the floor prices, including STB as the volume leader on the southern bourse with nearly 11.2 million shares traded. Meanwhile, TPB and EIB lost 5.2% and 6.1% at VND30,800 and VND15,200 a share on volume of 920,000 shares and 1.2 million shares respectively.

Among the top 10 heavyweights, only property firm VIC and budget carrier VJC managed a slight rise. The oil and gas sector was also the major drag as leading stocks GAS and PLX tumbled to the floor prices.

The HNX-Index slid to the intraday low of 126.14, shedding a hefty 6.44 points, or 4.86%, against the previous session. There were 71.6 million shares worth VND1.2 trillion changing hands on the Hanoi bourse, up 60% and 76.6% respectively.

VPI, which is active in the property sector, was the only gainer among large caps for advancing 0.4% at VND42,900 per share. In contrast, petroleum technical service firm PVS plunged to the floor price of VND19,500 a share on volume of 4.6 million shares.

SHB led the market for liquidity but the bank dipped to the intraday low of VND11,800 per share with 20.1 million shares exchanged. Realty firm CEO traded in the positive territory for most of the trading time but it could not hold on to the rally and closed down 1.1% at VND17,400 a share.

DST, which operates in the educational equipment sector, went against the tide for hitting the upper limit despite profit taking pressure. DST hit the ceiling price for the sixth straight session, closing at VND5,800 per share with nearly 7.5 million shares traded.

According to securities firms, market sentiment turned bad due to the market crash yesterday, especially after the sharp decline last Thursday when the main index lost nearly 44 points.

The main index is expected to make some technical rebound today. However, it may be a “bull-trap” for a further decline.

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