Monday,  Oct 22, 2018,21:38 (GMT+7) 0 0
VN-Index slumps to nine-week low
Phuong Thao
Friday,  Apr 27, 2018,20:19 (GMT+7)

VN-Index slumps to nine-week low

Phuong Thao

HCMC – Heavy sell-off at banking and financial stocks pushed the VN-Index down to a nine-week low at 1,044.86 on April 26, as the market lost a whopping 35.88 points on April 26, or 3.32%, versus that before the national holiday.

Market breadth was negative with only 60 stocks advanced versus 242 others falling, including 36 stocks plunging to the floor prices. Turnover on the HCMC market slightly improved, adding 11% and 8% against the previous session at 208 million shares worth VND6.8 trillion.

Among stocks closing at the floor prices, brokerage firm SSI was the volume leader with 10.8 million shares traded, followed by lender CTG with 8.2 million shares and its fellow bank VPB with 3.4 million shares. Meanwhile, pharmaceutical firm DHG, jewelry firm PNJ and steelmaker lost between 4% and 5% each.

Having opened with a mild rise, lender VCB retreated due to high selling pressure in the afternoon phase and closed the day with a 3% drop at VND58,200 a share. Dairy firm VNM and brewery stock SAB were the most active on the positive side for climbing 0.6% and 0.9% at VND181,000 and VND219,000 a share respectively, while property firm VIC closed at the reference price of VND127,000 per share.

FPT Retail (FRT) started trading 40 million shares on the southern bourse on April 26 at initial price of VND125,000 a share. The firm hit the upper limit of VND150,000 per share on matching volume of nearly 950,000 shares.

The Hanoi market saw 43 stocks rising while 104 others slid, in which 25 stocks closed at the floor prices. The HNX-Index fell 6.14 points, or 4.9%, at 120.12 while trading volume and value increased 9% and 14% at 59.6 million shares worth VND950 billion.

SHB led the market for liquidity with 12.5 million shares exchanged but the bank shed 8.5% at VND10,800 per share. DST, which is active in the book and educational equipment sector, was the volume leader among those closing at the floor prices with 8.7 million shares traded.

Foreigners were active on the selling side on the southern market as they net sold over VND264 billion worth of shares. Meanwhile, they net bought over VND36 billion on the northern bourse.

According to KB Vietnam Securities Company, market outlook turned gloomy as the main index crashed for the fourth time within a fortnight. The only bright spot of the session on April 26 was that demand at key stocks such as VNM, SSI and BID increased strongly at the close.

For the worst scenario, the main index may drop further to around 970 to 980 points before bouncing back to the psychological level of 1,000 points, it said.

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