Wednesday,  Sep 26, 2018,07:40 (GMT+7) 0 0
VN-Index dips below 1,000-point level
By Phuong Thao
Monday,  Jun 18, 2018,17:48 (GMT+7)

VN-Index dips below 1,000-point level

By Phuong Thao

HCMC – Stocks plunged below the 1,000-point level on June 18 as selling pressure accelerated, given the lack of supporting information.

Ending the session, the HCMC market saw 74 stocks rising and  217 others declining. The VN-Index of the Hochiminh Stock Exchange closed at near the intraday low, shedding a hefty 29.17 points, or 2.87%, versus last Friday at 987.34.

Sellers were active in the banking, securities, oil and gas and real estate sectors, which rallied significantly in previous weeks. Among the 30 leading stocks by market cap, 27 stocks declined, while only insurer BVH and brewery firm BHN managed to rise and housing developer VMH closed at the reference price.

Trading volume on the bourse rose 9.6% at 181.3 million shares, but value declined 6.4% at VND4.6 trillion. HAG, a property enterprise, took the lead by liquidity, with 12.3 million shares changing hands, followed by fellow realty firm DXG, with 7.6 million shares.

HAG closed at the upper limit of VND5,010 per share, while its agricultural affiliate HNG inched up 0.07% to VND9,220 per share. Meanwhile, HPG ranked third by liquidity, with 7.4 million shares traded, though foreign investors net sold nearly 2.5 million shares of the steel maker.

The HNX-Index of the Hanoi Stock Exchange tumbled 2.45% at 113.05 points as large caps such as lender ACB and property firm CEO decreased strongly. The Hanoi market saw 41.4 million shares worth VND715 billion changing hands, down 7.8% and 32.5%, respectively.

Foreign investors stayed on the selling side, net selling VND511 billion worth of shares and fund certificates on both exchanges. Last week, they net sold VND591 billion, given portfolio rebalancing activities by exchange traded funds.

On the HCMC market, foreign investors net sold 10.8 million shares valued at VND489.4 billion, focusing on property giant VIC with a net selling value of VND114 billion.

They, meanwhile, net sold VND18.4 billion on the Hanoi exchange, including VND11.2 billion worth of shares of infrastructure developer DL1 and gas firm PCG, with over VND1 billion.

According to securities firms, the sharp decline today was predictable as buyers grew cautious over the lack of supporting news.

The market is expected to see further selloff this week, as the main index broke below both the important psychological level of 1,000 points and the strong supporting threshold of 990 points. For a longer-term vision, the market will see flat movements until the end of June, when listed firms begin to announce business results in the second quarter and the first half of 2018.

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