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Upsurge among bank stocks fails to save VN-Index from falling

The Saigon Times

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HCMC – Although many bank stocks surged and hit their daily ceiling prices, they failed to save the VN-Index of the Hochiminh Stock Exchange from losing today, November 22, as a sell-off hit many stocks on bourse.

Losing stocks far outnumbered rising ones by 350 to 127, with 111 stocks tumbling to their floor prices. The benchmark index lost 5.1 points, or 0.35%, against the previous session at 1,447.25 points.

The southern market saw nearly 1.3 billion shares worth nearly VND36.5 trillion changing hands, down 16.79% in volume and 18.53% in value.

Among bank stocks, HDB, TPB and VIB reached their ceiling prices, while many others also reported an impressive increase, such as CTG by 5.18%, MSB by 6.71% and STB by 3.23%.

Meanwhile, some blue-chip stocks plunged, such as real estate developer KDH by 6.3%, fuel distributor PLX by 5.9%, rubber firm GVR by 5.6% and gas distributor GAS by 3.7%

Property and construction stocks stole the limelight as they faced a heavy sell-off for the second consecutive session after rising for many sessions earlier. As a result, many of them closed at their floor prices today.

On the Hanoi Stock Exchange, the selling pressure and the falling of many blue-chip stocks sent the HNX-Index plunging.

With only 41 advancing stocks but up to 220 losing ones, the HNX-Index fell 9.35 points, or 2.06%, at 444.62 points. There were 180.71 million shares worth over VND4.8 trillion traded.

Lenders BAB and NVB bucked the falling trend to extend their gains and became the main supporters of the market. BAB soared 7.3% to its intra-day high, at VND25,100, and NVB added 4.4% at VND30,700.

Some other stocks in the HNX30 basket also rose, such as construction companies LHC and VC3 by 4.6% and 2.9%, respectively.

On the contrary, 24 stocks in the basket were traded below their reference prices. Of which, stocks with the sharpest fall were mainly real estate and construction ones.

Notably, construction firm CEO tumbled 6.7% at 29,400, having increased for 12 straight sessions.

Securities, gas and oil stocks on the northern bourse also faced the selling pressure and extended their losses.

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