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Strong selling sends main index tumbling

The Saigon Times

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HCMC – The VN-Index of the Hochiminh Stock Exchange lost nearly 40 points at the close today, December 3 as the sell-off pressure surged, prompting most of stocks to take nosedive.

The benchmark index dipped by 38.73 points, or 2.61%, from the session earlier, at 1,443.32, with the number of losers far outstripping that of winners by 415 to 61.

Trade volume totaled over one billion shares worth VND32.9 trillion, up 43.5% and 42.9%, respectively, against the previous session. There were some 62 million shares valued at VND2.2 trillion traded in block deals.

In the VN30 basket, only real estate company PDR was managed some gain and low-cost carrier VJC stood at the reference price, while the remainder lost steam at the end.

Among large-cap stocks, securities firm SSI made a sharp drop at 6.5%, while rubber group GVR and retailer VRE shed over 5%.

The group of bank stocks, including BID, STB, MSB, LPB, OCB, VPB and TCB, ended in the red, while many steel stocks failed to buck the falling trend, with HSG tumbling by 4.8% and HPG dropping by 1.9%.

Many small and medium stocks such as IDI, SJF, TSC, OGC, MCG, HAR, TNI, TNT and PTL plunged to their floor prices as well.

Construction firm ROS, however, continued its upward spiral to close at its ceiling price and took the lead on the southern bourse by liquidity with a matching volume of 55.6 million shares.

With 208 decliners and 59 gainers, the HNX-Index of the Hanoi Stock Exchange finished down 8.98 points, or 1.96%, from the session earlier, at 449.27. Over 124 million shares worth VND3 trillion changed hands, soaring by 24% in volume and 30% in value against the day earlier.

The HNX30 basket saw just five stocks, including hydraulic construction company LHC, property firm CEO, fertilizer firm LAS, construction firm VC3 and industrial development company IDC, gain ground.

Lenders BAB and NAB and industrial firm VCS lost over 1.5% each, while securities firms BVS, SHS and MBS were among the worst performers. SHS was the most actively traded stock on the northern bourse with some 17.7 million shares changing hands, followed by trading and service firm KLF with over nine million shares traded.

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