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Bottom fishing saves market from steep fall

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HCMC – The selling pressure hit many blue-chip stocks, dragging the VN-Index of the Hochiminh Stock Exchange down before late bottom fishing helped reduce the loss today, July 8.

The main index closed the day at 1,374.68 points, dropping 13.87 points, or 1%. More than 552.3 million shares worth nearly VND20.2 trillion changed hands, down 30% in volume and 25% in value over the session yesterday.

In block deals, over 23.46 million shares were transacted at a total value of VND1.2 trillion.

Real estate developer NVL significantly dragged the market as it tumbled 6.1% at VND110,800 and saw more than 9.72 million shares traded.

Other blue-chip stocks reporting a sharp decline included financial investment company TCH, retailer VRE and lender STB which lost 3.9%, 3.2% and 2.7% at VND21,050, VND29,900 and VND30,200, respectively.

Lenders MBB and TCB stayed at their reference prices.

Meanwhile, mobile phone retailer MWG and consumer goods MSN continued underpinning the market. MWG rose 4% at VND172,500 and MSN added 3.3% at 119,800.

Bank stock STB was the most actively traded stock on the southern bourse with more than 32.2 million shares transacted, followed by steel maker HPG with 30.6 million shares.

Among steel stocks, TLH plunged 6.3% at VND16,300, HSG dipped 4.6% at VND37,100, and SHI slid 4% at VND26,300.

On the Hanoi Stock Exchange, lender SHB extended its loss, sending the HNX-Index falling to its lowest level of the day.

Closing the day, the HNX-Index lost 3.85 points, or 1.2%, at 315.98 points. There were over 94.6 million shares worth some VND2.2 trillion transacted.

SHB plummeted 5.4% to its lowest level of the day at VND28,100 and took the lead in terms of liquidity on the bourse with 22.7 million shares matched.

In addition, securities VND and industrial development firm IDC put more pressure on the market as they dropped 2% and 2.8% at VND43,600 and VND35,000, respectively.

Meanwhile, small stocks, such as BII, ACM, QBS, TTH and ITQ shot up to their ceiling prices.

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