HCMC – More than 330 stocks hit their floor prices today, March 9, as the VN-Index plunged 115.05 points, or 6.51%, in one of the steepest declines in the Vietnamese stock market’s history.
Selling pressure swept the market as investors reacted to concerns over geopolitical tensions in the Middle East, supply chain disruptions, rising shipping costs and inflation pressure.
The VN-Index closed at 1,652.79 points. On the Hochiminh Stock Exchange (HOSE), 366 stocks dropped, including 233 that fell to their floor prices, while only 11 advanced.
Trading volume reached more than 1.38 billion shares worth VND41.03 trillion. That was up nearly 34% in volume and 22% in value from the previous session on March 6. Block deals accounted for more than 102 million shares valued at VND2.78 trillion.
All 30 stocks in the VN30 basket, which groups the 30 largest-cap stocks, declined. Twenty-four fell to their floor prices, with large sell orders remaining at the lower limit.
Brokerage SSI saw a sell-side surplus of nearly 49.5 million units at the floor price. SHB had 22.2 million shares offered at the lower limit, while HPG, MWG, CTG and VPB each had more than 10 million shares in floor-price sell orders.
Six blue-chip stocks avoided the floor but still declined, including VJC (down 2.2%), DGC (2.9%), SSB (4.1%), LPB (4.5%), STB (4.7%), and VIB (6.3%).
Selling pressure also spread to oil and gas shares. BSR fell 2.6% to VND36,100 per share with more than 35.5 million shares traded. PVD dropped 6.6%, while PVT hit its floor price.
Fertilizer stocks also weakened. DCM plunged to the lower limit. DPM lost 3.9% to close at VND29,950 per share, with nearly 39.8 million shares traded, among the highest volumes in the market.
Banking, securities and steel stocks were among the hardest hit. SHB and HPG led the market by liquidity, each with more than 120 million shares traded.
On the Hanoi Stock Exchange, the HNX-Index dropped 18.28 points, or 7.21%, to 235.36. The exchange recorded 185 declining stocks, including 72 at the floor price, compared with 22 advancing stocks. Trading volume reached 140.5 million shares worth VND3.08 trillion.
