Monday,  Oct 22, 2018,21:12 (GMT+7) 0 0
Bank stocks drive VN-Index down
Phuong Thao
Friday,  May 11, 2018,20:53 (GMT+7)

Bank stocks drive VN-Index down

Phuong Thao

HCMC – Having moved flat for two consecutive sessions, the local stock market tumbled on May 10 as all bank stocks lost ground, pushing the VN-Index down 28.1 points, or 2.66%, at 1,028.87.

Trading volume and value on the HCMC exchange gained 27% and 30% versus the previous session at 205 million shares worth VND6.7 trillion. Block deals contributed up to VND2.7 trillion to the overall turnover, in which 33.2 million shares of steelmaker VIS changed hands for a total value of over VND1.1 trillion.

According to, the VIS shares were probably sold by Thai Hung Trading Company to strategic partner Kyoei Steel. After the transaction, Thai Hung will cut its holding at VIS from 65% to 20% while the Japanese steel firm will raise its stake from 20% to 65%, or nearly 48 million shares.

All lenders on the southern market declined strongly on heavy turnover. CTG was the most actively traded stock in the sector with seven million shares exchanged, followed by MBB and STB with more than 5.5 million shares each.

Nine out of 10 top heavyweights took nosedive, putting pressure on the main index. Notably, GAS dipped 2.3% at VND105,000 a share after it climbed 4.4% on Wednesday, when the price of Brent crude oil jumped in Asian trading to above US$77 per barrel as U.S. President Trump announced the U.S. withdrawal from an agreement with Iran over its nuclear energy program.

The VN30 basket saw up to 24 losers, in which securities stock SSI lost 4% at VND34,300 a share on volume of 3.9 million shares. Its fellow brokerage firm VND ranked second for liquidity on the southern market with over seven million shares traded but it plunged to the floor price for the second straight session due to involvements in a gambling ring.

Meanwhile, sugar firm SBT was the volume leader on the market with 9.9 million shares exchanged, falling 1.4% at VND14,725 a share.

For the positive side, mining firm KSA hit the ceiling price for the fifth session running, closing at VND600 a share on volume of on one million shares. VHG, a hydropower firm, also went up to the upper limit of VND1,350 a share.

With 48 rising stocks versus 84 others falling, the HNX-Index shed 2.91 points, or 2.35%, at 120.95. The Hanoi market saw 48.9 million shares worth VND724 billion changing hands, up 9.1% and 15.2% against the session earlier respectively.

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