Selling pressure drives market down
Shares plummeted on July 3 as strong selling pressure pushed the benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) and the HNX-Index on the Hanoi Exchange (HNX) to hit rock bottom in 2018.
Benchmark VN-Index and HNX-Index hit rock bottom on July 3. (Photo: VNA)Hanoi (VNA) – Shares plummeted on July 3 as strong selling pressure pushed the benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) and the HNX-Index on the Hanoi Exchange (HNX) to hit rock bottom in 2018.
The VN-Index lost 41.14 points to close at 906.01 points. The southern market saw 248 decliners and 63 gainers, and traded more than 180 million shares worth over 4.53 trillion VND (199.32 million USD).
Meanwhile, the HNX-Index swindled 3.97 points to end at 98.8 points. There were 126 declining codes and 42 advancing ones. Over 41,470 shares were sold on the northern bourse at a value of more than 619.4 billion VND (27.25 million USD).
Regarding the large-cap VN30 group, only Thanh Cong-Bien Hoa JSC’s shares (ticker: SBT) remained in the green with an increase of 250 VND to 14,700 VND per share. Other shares fell dramatically such as Coteccon Construction JSC (ticker: CTD) decreasing 6,000 VND to 142,000 VND per share, PetroVietnam (ticker: GAS) declining 5,400 VND to 83,000 VND, and Mobile World Group (ticker: MWG) falling 6,900 VND to 100,100 VND per share.
Banking stocks were the worst performers as five codes declined in their values, namely Joint Stock Bank for Investment and Development of Vietnam (BID), Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), Sai Gon Thuong Tin Commercial Joint Stock Bank (STB), Vietnam Technological and Commercial Joint Stock Bank (TCB), and Vietnam Prosperity Joint Stock Commercial Bank (VPB).
Red margins also dominated property stocks. Among those were Phat Dat Real Estate Development JSC (PRD), Hoa Binh Construction Group JSC (HBC), and Vingroup (VIC) and its affiliate Vinhomes (VHM).
Weak players in the financial service stocks comprised of Agribank Securities (AGR), Viet Capital Securities JSC (VCI), and HoSE (HCM).
Net selling by foreigners on the day was strong as they sold over 12.24 million shares valued at 358.7 trillion VND (15.74 billion USD) on the HoSE. Meanwhile, the foreign players net bought for the fourth consecutive session with a value of 8.72 billion VND (383,680 USD). -VNA
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