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Tuesday, July 16, 2024

VN-Index sinks amid Evergrande spillover effect

The Saigon Times

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HCMC – The VN-Index of the Hochiminh Stock Exchange lost over 10 points on Tuesday as investors worried about the spillover effect of the liquidity crisis at Chinese property developer Evergrande, which has shaken stock markets across Asia, Europe and the United States.

The benchmark index fell 0.79%, or 10.64 points, to close the day at 1,339.84, with decliners far outnumbering winners by 275 to 136.

More than 856.6 million shares worth some VND23.3 trillion changed hands on the southern market, declining over 4% in volume and 5% in value against the previous session. Some 39.65 million shares worth VND1.36 trillion were traded in block deals.

In the VN30 basket, the strong selling pressure sent 25 stocks tumbling. Housing developer VHM and retailer VRE suffered from the steepest drop, down 3% to VND77,500 and VND28,400, respectively.

Most bank stocks lost ground, with EIB, LPB, MSB and SHB falling approximately 2%. ACB, BID, TCB, CTG and VCB fell approximately 1%.

VIB and OCB were the only two bank stocks that grew. CTG, MBB, TCB, STB and SHB were the most actively traded bank stocks, seeing 8-17 million shares change hands each.

Only four stocks in the VN30 basket gained ground, including dairy producer VNM, insurer BVH, consumer goods producer MSN and mobile phone retailer MWG. BVH was the biggest gainer among them, surging 3.3% to VND55,700.

Steelmaker HPG took the lead in terms of liquidity in the VN30 basket and on the southern exchange with 28.84 million shares changing hands. However, HPG fell 1% to VND50,800.

Speculative stocks stole the limelight, with DLG, SCR, SJF, DRH, JVC and OGC soaring to their ceiling prices. DLG and SCR had some 26 million shares traded each.

Many other small and medium stocks had good liquidity. HNG, HQC, HSG, PVD, KBC, FLC and DIG had 11-21 million shares traded each. ITA soared 3.8% to VND7,900 and had 25.8 million shares changing hands.

TGG shot up to the ceiling price for the 15th time during it winning streak of 18 sessions, while TDH shot up to the ceiling price for the eighth straight session.

On the Hanoi Stock Exchange, the HNX-Index lost 0.1%, or 0.56 points, to close at 358.98, although winning stocks outnumbered losing ones by 129 to 115.

There were nearly 201.8 million shares worth more than VND4 trillion transacted on the northern market, increasing nearly 10% in both value and volume compared with the previous session.

Construction company CEO and investment and trading firm TNG became the major drag, dropping 1.9% to VND10,500 and 3.9% to VND29,800, respectively.

Lender SHB took the lead in terms of liquidity with 16.9 million shares changing hands but it fell 1.9% to VND16,900.

Petroleum stock PVS, asset management corporation TVC, construction company HUT and food service provider KLF were the best performing stocks as they surged 4.1-5.9%.

In the group of small and medium stocks, DL1, VIG, MBG and TTH shot up to the ceiling prices.

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