HCMC – Vietnam’s stock market continued to tumble today, April 8, as it came under intense selling pressure and a wave of forced margin calls, with the benchmark VN-Index closing at its lowest level since early January.
The VN-Index on the Hochiminh Stock Exchange (HOSE) shed 77.88 points, or 6.43%, against the previous session, and closed at 1,132.79, with decliners overwhelmingly outnumbering gainers by 506 to 11.
The sell-off gathered pace in the afternoon session, pushing 265 stocks on HOSE to their floor prices.
Market sentiment remained fragile throughout the day, with little sign of recovery despite upbeat signals from key regional export-driven markets, such as Japan and South Korea.
Total trading volume on HOSE fell to 1.16 billion shares worth a total of VND25.3 trillion, down more than 40% in both volume and value compared with the April 4 session. Block deal transactions accounted for 108.5 million shares worth a combined VND2.46 trillion.
The VN30 bore the brunt of losses, with all 30 stocks in the basket crashing. Notably, 24 stocks hit their daily floor limits, while only SSB and SAB avoided steep losses, shedding 1.04% and 1.73%, respectively.
Rising selling pressure among blue-chip stocks pushed many of them to the top of the market’s most actively traded list, led mostly by bank stocks along with SSI and HPG.
VPB, TPB, SSI, TCB, HPG, ACB, STB, MBB, and SHB recorded trading volumes ranging from 24.69 million to over 68.9 million shares, with persistent floor-price selling pressure.
On the Hanoi Stock Exchange, the HNX-Index slipped 7.34% to 201.04 points, its lowest in months. The exchange recorded 18 gainers and 102 decliners. Trading volume reached 84 million shares valued at a total of VND1.18 trillion.
Several highly traded small- and mid-cap stocks also hit their floor prices, including SHS, IDJ, TVC, HUT, and CEO Group. SHS led the market with over 17.4 million shares transacted.
