Stocks slump under heavy sell-offs
Stocks unexpectedly tumbled on November 26 afternoon under heavy
selling on both blue chips and speculative shares, despite positive
performances in the morning.
Stocks unexpectedly tumbled on November 26 afternoon under heavy
selling on both blue chips and speculative shares, despite positive
performances in the morning.
On the Hochiminh Stock Exchange, the benchmark VN-Index lost nearly 10 points, or 1.68 percent, to close the session at 576.04 points - the lowest in five months - as the decliners tripled the advancers.
Steep falls of large-cap shares also pushed the VN30 which tracks the top 30 shares by market value and liquidity down 1.08 percent to finish at 616.48 points.
Except Masan Group (MSN) and Vinamilk (VNM) which ended flat, other major blue chips like Vietcombank (VCB), Hoa Phat Group (HPG), VinGroup (VIC) and Bao Viet Holdings (BVH) fell off between 1.8-2.7 percent.
PV Gas (GAS), the biggest stock by market capitalisation, also dipped 4.57 percent.
Even speculative stocks were sold heavily, including the most active stocks, such as FLC Group (FLC), Tan Tao Investment Industry (ITA) and Hoang Quan Consulting Trading Service Real Estate (HQC).
FLC fell hardest with a decrease of 4.92 percent to close at 11,600 VND (0.54 USD) a share. It was also the most active code with more than 29 million shares traded.
Liquidity soared. The market volume jumped 40 percent over November 25, totaling 162 million shares, while value of trades climbed 50 percent to reach 3.03 trillion VND (142.3 million USD).
"It's unimaginable to see the red prevailing across the two boards this afternoon after positive performances in the morning. There is no reason for stocks to plunge so suddenly. It must be the result of massive selling activity," Le Duc Hiep, a Hanoi-based investor commented.
On the Hanoi Stock Exchange, the HNX-Index also slid 1.57 percent to end at 87.54 points as the losers outnumbered the gainers by 125-81. The other 159 stocks closed flat.
Liquidity also improved here with the market volume rising 75 percent over the previous session to reach nearly 77 million shares, worth 1.1 trillion VND (51.6 million USD).
Speculative stocks were also offloaded here, led by KLF Joint Venture Global Investment (KLF) with 16.5 million shares traded. KLF dropped 9.7 percent to settle at 13,00 VND.
Foreign investors turned heads to be net sellers in Ho Chi Minh City on November 26 with a net sell value of nearly 38 billion VND (1.8 million USD). They remained net buyers in Hanoi but with a modest value of just 13 billion VND (610,300 USD).-VNA
On the Hochiminh Stock Exchange, the benchmark VN-Index lost nearly 10 points, or 1.68 percent, to close the session at 576.04 points - the lowest in five months - as the decliners tripled the advancers.
Steep falls of large-cap shares also pushed the VN30 which tracks the top 30 shares by market value and liquidity down 1.08 percent to finish at 616.48 points.
Except Masan Group (MSN) and Vinamilk (VNM) which ended flat, other major blue chips like Vietcombank (VCB), Hoa Phat Group (HPG), VinGroup (VIC) and Bao Viet Holdings (BVH) fell off between 1.8-2.7 percent.
PV Gas (GAS), the biggest stock by market capitalisation, also dipped 4.57 percent.
Even speculative stocks were sold heavily, including the most active stocks, such as FLC Group (FLC), Tan Tao Investment Industry (ITA) and Hoang Quan Consulting Trading Service Real Estate (HQC).
FLC fell hardest with a decrease of 4.92 percent to close at 11,600 VND (0.54 USD) a share. It was also the most active code with more than 29 million shares traded.
Liquidity soared. The market volume jumped 40 percent over November 25, totaling 162 million shares, while value of trades climbed 50 percent to reach 3.03 trillion VND (142.3 million USD).
"It's unimaginable to see the red prevailing across the two boards this afternoon after positive performances in the morning. There is no reason for stocks to plunge so suddenly. It must be the result of massive selling activity," Le Duc Hiep, a Hanoi-based investor commented.
On the Hanoi Stock Exchange, the HNX-Index also slid 1.57 percent to end at 87.54 points as the losers outnumbered the gainers by 125-81. The other 159 stocks closed flat.
Liquidity also improved here with the market volume rising 75 percent over the previous session to reach nearly 77 million shares, worth 1.1 trillion VND (51.6 million USD).
Speculative stocks were also offloaded here, led by KLF Joint Venture Global Investment (KLF) with 16.5 million shares traded. KLF dropped 9.7 percent to settle at 13,00 VND.
Foreign investors turned heads to be net sellers in Ho Chi Minh City on November 26 with a net sell value of nearly 38 billion VND (1.8 million USD). They remained net buyers in Hanoi but with a modest value of just 13 billion VND (610,300 USD).-VNA
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