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Monday, June 17, 2024

Local stocks’ downward momentum extended

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HCMC – Stocks on the Hochiminh Stock Exchange extended their losses, sending the VN-Index down 27.54 points today, July 9.

Thus, the total loss this week was 73.13 points and there was no sign of the market’s recovery given the deep plunge.

A sell-off in the middle of the afternoon session dragged the index down by nearly 40 points before a strong demand for stocks at the last 30 minutes of the session reduced the loss.

With 306 declining stocks, including 42 stocks tumbling to their floor prices, and only 77 gaining stocks, the main index lost 2% at 1,347.14 points. More than 760 million shares worth VND25.71 trillion changed hands, up 37.67% in volume and 27.29% in value over the session yesterday.

In the VN30 basket, only mobile phone retailer MWG was traded in the green. It added 2.3% at VND176,500. In addition, lender TCB closed at its reference price, while 28 others plummeted.

Real estate developer NVL still reported the steepest fall among the stocks in the basket with a 6.6%-decline. Thus, NVL lost nearly 15% in the first seven sessions of July. Over the past two sessions, it tumbled by 12.3%.

In addition, bank stocks continued to weigh heavily on be the market as most of them dropped. Specifically, STB slid 3.6% at VND29,100; LPB fell 3.3% at VND28,900; and BID, CTG, HDB, TPB, MSN and ACB declined more than 2% each.

Only VIB inched up 1.9% at VND52,400.

Other large-cap stocks also decreased sharply, such as steel maker HPG by 3.5% at VND47,300, retailer VRE by 6.4% at VND28,000 and insurer BVH by 3.3% at VND53,100.

Small and medium stocks also posted heavy losses. For example, construction firm ROS, agricultural company HNG, real estate developer SCR, securities firm AGR, steel stock TLH and mining firm AMD fell to their floor prices, while real estate corporation HQC, industrial park developer ITA and property firm KBC lost over 6% each.

On the Hanoi Stock Exchange, the strong selling pressure from the beginning of the afternoon session drove the HNX-Index down below 310 points.

With losing stocks outnumbering winning ones by 150 to 64, the index slid 9.25 points, or 2.93%, at 306.73 points. Trade volume reached 119.8 million shares worth VND2.7 trillion.

Bank and securities stocks plunged. Typically, lender SHB dropped 7.5% at VND26,000, and securities firm BVS lost 9.5%.

Bank stock SHB led the bourse in terms of liquidity with 21.87 million shares traded.

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