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Selling pressure sends stock market tumbling

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HCMC – The selling pressure on large-cap stocks dragged the local stock market down today, September 27, with the VN-Index of the Hochiminh Stock Exchange losing a whopping 26.18 points to the lowest level of the day.

Losers outnumbered winners by 376 to 48 on the southern bourse forcing the main index down 1.94% at 1,324.99 points. This was the largest decline over the past month despite HCMC’s plans to ease mobility restrictions and recover the economy.

Notably, up to 48 stocks closed at their floor prices, while only six stocks hit their ceiling prices.

It is noteworthy that investor risk appetite was not so strong despite falling stock prices, as the market saw 778.44 million shares worth nearly VND21.8 trillion change hands, up 15.67% in volume and 18.86% in value compared with the session earlier. There were 57.58 million shares worth VND2.3 trillion transacted in block deals.

In the VN30 basket, only fuel distributor PLX and air carrier VJC were in the green. VJC surged 3.2% at VND129,000, while PLX inched up a slight 0.2%.

On the other hand, many stocks tumbled to their lowest levels of the day, such as consumer goods firm MSN falling by 5.2% at VND135,000, securities firm SSI losing 4.3% at VND40,000, insurer BVH by 3.9% at VND56,500 and rubber group GVR by 3.8% at VND35,600.

In addition, many small and medium stocks extended their losses to hit their floor prices, such as SCR, LCG, FIT and DIG, while others like FLC, ROS, HQC, ITA and KBC lost 5%-6% each.

In the banking group, only VPB and HDB closed at their reference prices. Meanwhile, TPB and VIB, which reported the highest increase in the last session of last week, dropped 3.85% and 5.07%, respectively, today.

Many securities stocks plunged. Specifically, SSI, HCM and VND fell some 5% each; VCI and SHS slid over 6% each; and FTS plummeted to its floor price.

Steel stocks were not outsiders to the trend. TLH closed at its floor price; NKG and SMC lost some 5% each; and POM and HSG tumbled over 3% each. Only HPG closed at its reference price and it was also the most actively traded stock on the southern market with nearly 28.5 million shares matched.

Most of real estate stocks were also traded in the red and only some stocks posted a slight increase, such as DPG, SSH and API.

Property developer DLG bucked the trend to surge to its ceiling price, at VND4,410. DRH, another real estate company, also closed at its ceiling price for the second consecutive session, at VND15,650.

On the northern market, the selling pressure also sent the HNX-Index plunging to its lowest level of the day.

With 47 stocks advancing and 159 others declining, the index lost 6.62 points, or 1.84%, at 353.01 points. Some 145.72 million shares worth over VND2.8 trillion changed hands.

In the HNX30 basket, only investment and trading company TNG and construction firm VC3 rose.

Meanwhile, some blue-chip stocks plunged, putting pressure on the market. For example, SHS, LAS, CEO and NRC lost over 6% each; and NBC closed at its floor price.

Lender SHB led the market in terms of liquidity with more than 17 million shares traded.

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