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Sunday, June 23, 2024

Heavy sell-off sends VN-Index dropping

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HCMC – A heavy sell-off hit hundreds of stocks on the Hochiminh Stock Exchange today, June 24, dragging the VN-Index down by 8.49 points, or 0.98%, against the session earlier, at 859.71.

Market breadth turned negative as falling stocks outnumbered rising ones by 268 to 99. There were some 370 million shares worth VND5 trillion changing hands, dropping by 18.5% in volume and and 26% in value from the previous session. Block deals contributed VND863 billion to the total value.

Many bluechips lost steam, with lender STB dipping by 3% and seeing 11.8 million shares changing hands and housing developer VHM ending down by 2.5%, while steelmaker HPG, property firm NVL and lender EIB stood at their reference prices.

In the bluechip group, lender MBB and jewelry company PNJ bucked the falling trend, finishing the day up 0.29% and 1%, respectively.

Brewery firm SAB was among main drags on the southern bourse while property firm VIC and dairy firm VNM saved the main index from a steep decline.

A large number of speculative stocks closed the day in negative territory, with realty trading firm HQC and industrial zone developer ITA plunging to the floor prices. HQC took the lead on the southern market by liquidity with 33.2 million shares traded, while 21.3 million ITA shares were transacted.

At the close, the HNX-Index of the Hanoi Stock Exchange lost 0.81% at 113.7 points, continuing its downward trend. Trade volume fell by 14.6% against the session earlier at 60.2 million shares worth VND648 billion.

Coming under selling pressure, many bluechips such as lenders ACB and SHB, gas firm PVS and bank stock NVB ended the day down or at reference prices.

Service firm KLF was the most actively traded stock on the northern bourse with 4.2 million shares changing hands, followed by property firm HUT with 3.6 million shares matched.

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