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Friday, July 19, 2024

Strong selling again dampens stock market

The Saigon Times

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HCMC – The benchmark VN-Index of the HCMC market fell through the supporting level of 1,440 points and went backward to the range of 1,400-1,410 points today, December 6, due to mounting sell-off pressure.

With 420 decliners and only 54 gainers, the main index shed 29.74 points, or 2.06%, against the previous session to close at 1,413.58. Trade on the southern bourse dropped 5.3% in volume and 4.5% in value at over one million shares and more than VND31.3 trillion, including some VND1.3 trillion worth of shares traded in block deals.

The performance of stocks in the VN30 basket remained poor with 22 stocks closing in the red and only five others rising. Among winning stocks, electricity firm POW was the best performer, up 2.6%, followed by brokerage SSI, real estate company PDR, property developer VIC, and low-cost carrier VJC.

Regarding the decliners in the basket, lender HDB lost 6.1% and housing developer KDH ended lower 6.1%. Also, steelmaker HPG fell 4.1% and a host of other stocks dipped around 3%.

Many small and medium stocks also experienced big losses, with QBS, OGC and TNI falling to their floor prices.

As for the performance of stocks by sector, only TPB in the group of bank stocks closed unchanged while the rest declined sharply. Among securities stocks, except for SSI and VND rising slightly, the remaining stocks all ended in negative territory. Similarly, multiple stocks in the steel industry turned losers. Property stocks faced the same fate.

Sell-off pressure on a large scale also dragged down stocks on the northern bourse. With up to 235 losers and only 30 winners, the HNX-Index finished down 13.42 points, or 2.99% against last Friday at 435.85. All of the stocks in the HNX30 ended lower.

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