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VN-Index ends down as bank stocks dive

The Saigon Times

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HCMC – All bank stocks lost ground due to heavy selling, pulling the VN-Index of the Hochiminh Stock Exchange down at the close today, November 30.

Closing the day, the benchmark index shed 6.4 points, or 0.43%, from the session earlier, at 1,478.44, with 231 winners and 237 losers. Over 1.08 billion shares worth VND34.4 trillion changed hands, up 7% in volume and 9% in value against the previous session. Block deals contributed over VND1.6 trillion to the total value.

Under strong selling pressure, all bank stocks ended in the red, with lender VCB making the most negative impact on the main index.

Among large-cap stocks, lenders CTG, ACB, MBB, HDB and SHB lost over 2% each, while bank stocks OCB, TPB and MSB dipped by over 4%.

Lender STB continued its downward spiral and reported a matching volume of over 35.4 million shares, followed by TCB with 24.4 million shares changing hands.

Many bluechips, including consumer goods producer MSN, low-cost carrier VJC, insurer BVH, housing developer VHM and gas firm GAS, reversed course to finish down, putting more pressure on the main index.

Among the good performers, rubber group GVR jumped by 5.4%, while housing firm KDH, steelmaker HPG, dairy firm VNM and electricity company POW made mild gains.

However, many small and medium stocks were powerful magnets for cash flow, with  HAG reporting a matching volume of over 39.2 million shares.

On the Hanoi Stock Exchange, poor performance of many large-cap stocks dragged the HNX-Index of the northern market down 2.53 points, or 0.55%, from the day earlier, at 458.05 at the close.

Property firm CEO, securities firms ART, MBS and VIG and industrial development firm IDC were in negative territory, while securities company SHS, food service provider KLF and rice trader TAR closed at the reference price.

On the positive side, construction company HUT, real estate firm KSQ and securities company IVS shot up to their upper limits.

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