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VN-Index plunges as selloff pressure stronger than bottom fishing

The Saigon Times

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HCMC – As the selling pressure was stronger than the bottom fishing, the VN-Index of the Hochiminh Stock Exchange took nosedive, shedding a massive 20.71 points today, December 23.

Losers outnumbered winners by 355 to 141 on the southern bourse, forcing the main index down 1.4% at 1,456.96 points.

More than 1.36 billion shares worth nearly VND45.6 trillion were traded, up nearly 27% in volume and 35% in value compared with the session earlier. There were over 94.4 million shares worth some VND7.7 trillion transacted in block deals.

Among blue-chip stocks, real estate developer VIC and its affiliate VHM put the greatest pressure on the market as they dragged the main index down by seven points. VIC and VHM tumbled 3.7% and 3.6% at VND82,500 and VND96,000, respectively.

In addition, many bank stocks extended their losses, such as TCB falling by 3.2%, TPB by 3.4%, VPB by 3.6% and HDB by 3.8%.

Meanwhile, EIB jumped 7% to hit its daily ceiling price, at VND29,200.

Construction firm ROS was the most actively traded stock on the southern bourse with 63.7 million shares changing hands. It plummeted nearly 6% and later bounced back to hit its ceiling price before closing up 2.7% at VND13,200.

Similarly, agriculture firm HAG also sank near its reference price and soared near its ceiling price before falling a little and ending up 2.8%. It followed ROS by liquidity with over 45.3 million shares matched.

Steel stocks split as HSG picked up 2.2% at VND35,00, while NKG lost 3.5% and POM declined 2%.

Securities stocks reported a steep fall, with ORS, FTS and CTS tumbling over 6% each, and BSI, TVB and VND losing over 5% each. Meanwhile, TVS bucked the trend to rise 6.9% to its ceiling price, at VND65,100.

The Hanoi Stock Exchange saw similar developments to those on the southern bourse and the HNX-Index fell 10.49 points, or 2.32%, at 442.61 points.  There were nearly 162 million shares worth some VND4.5 trillion transacted.

Educational and equipment firm DST and construction companies SD6 and SD9 closed at their ceiling prices.

Worst performers on the market were also securities stocks with SHS losing 4.3%; ART, 5.9%; APS, 9.5%; and VIG, 4.6%.

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