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Tuesday, July 16, 2024

Selling pressure sends stock market down

The Saigon Times

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HCMC – The strong selling pressure dragged many stocks down today, December 20, leading to a slight fall of the VN-Index of the Hochiminh Stock Exchange.

At the close, the benchmark index lost 2.46 points, or 0.17%, from the session earlier, at 1,477.33 points, with decliners far outnumbering gainers by 304 to 163.

Trade volume totaled over 963.35 million shares worth VND28.9 trillion, falling 13.57% in volume and 16% in value. Of the total, 56.48 million shares valued at VND2.4 trillion were traded in block deals.

Real estate stock VIC posted the steepest fall among tickers in the VN30 basket as it lost 2.9% to its lowest level of the day, at VND99,000, while its related stock VHM dropped 1.2% at VND83,500.

Other large-cap stocks also lost steam, with fuel distributor PLX and gas firm GAS declining over 2% each, and insurer BVH, rubber group GVR and lender CTG ending down by over 1.5% each.

In the VN30 basket, only one-third of the stocks rose. Of which, electricity stock POW was a bright spot of the basket and the southern bourse as a whole as it surged 6.7% to its daily ceiling price, at VND18,250 and saw 38.42 million shares traded.

In addition, lender VCB soared 3.1% to its intra-day high, at VND99,500, and TPB was the best performer among bank stocks as it rocketed 4.7% at VND39,800. Some others in the group also ended in the green, including VIB, VPB, STB and EIB, while CTG, SHB and MBB lost over 1% each.

Steel stocks still split as HPG, NKG, TLH and POM added some 0.5% each, while HSG slid 1.1% and SMC dropped 2%.

Most of securities stocks ended up. Notably, VND surged 6.5% at VND85,200. Moreover, TVS closed at its ceiling price and VCI advanced 2.3%.

As for small and medium stocks, many recovered. Notably, construction firm ROS closed at its ceiling price, at VND11,300 and saw 51.47 million shares matched.

On the Hanoi Stock Exchange, the HNX-Index fell 1.61 points, or 0.35%, at 454.59 points. Around 120.83 million shares worth nearly VND3.5 trillion changed hands.

Industrial development firm IDC weighed down the market as it lost 5.5% at VND82,000.

Other declining stocks included construction ticker LHC and mining firm NBC, which lost 4.9% and 4.1%, respectively.

On the other hand, construction company VMC rocketed 9.9% to its daily ceiling price, at VND28,900, and CEO, another construction firm, added 5.7%.

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