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Friday, July 19, 2024

Panic selling weighs on stock market

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HCMC – The local stock market made a sharp correction with the selling pressure felt in most of the sectors today, May 27. Only a few top stocks in the banking and property sectors such as EIB, LPB, KDH, NVL ended in an upbeat note.

The benchmark VN-Index of the Hochiminh Stock Exchange shed 13.13 points, or 1% against the previous session at 1,303.57, with 101 stocks rising and 322 others dipping. Nearly 733 million shares worth around VND24 trillion on the southern bourse were traded, improving almost 3% in volume and 11% in value over the session earlier. Shares transacted in block deals contributed more than VND2.1 trillion to the total value.

Most of bluechip stocks in the VN30 basket that declined in the morning phase continued to extend losses. Consumer good producer MSN, financial service provider TCH, and brokerage SSI plunged 3.3-3.9%. Fuel distributor PLX and gas firm GAS lost over 2%. Other stocks including VIC, VHM, VRE, VNM, and MWG closed in negative territory.

In the group of bank stocks, BID, MBB and TCB all fell 2.7%, in addition to many other poor performers such as CTG, HDB, TPB, VCB. Meanwhile, STB added a slight 1% and was the most actively traded stock on the southern bourse with over 46.7 million shares traded.

Bucking the market downtrend, housing developer KDH soared 5.1%, real estate firm PDR expanded 4.6%, and their fellow NVL gained 1.9%.

Besides this, a number of bank stocks extended rally and staged a good performance. Among them, EIB surged 7% to its ceiling price, LPB inched up 3.1% and came third by liquidity on the southern bourse with over 31 million shares changing hands, and MSB increased 1.8%.

On the northern bourse, selling pressure also dragged down the HNX-Index deeply, but then some stocks improved and helped the index move toward its reference price. At the close, the index lost 0.41 points, or 0.14% versus the previous session at 304.45. Lenders BAB and NVB were the two major contributors of the index as BAB edged up 3.9% and NVB skyrocketed 9.94%.

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