Shares plummet on strong selling pressure

Hanoi (VNA) – Shares declined in the afternoon session as strong selling pressure forced the benchmark VN-Index on the Ho Chi Minh Stock Exchange (HOSE) to fall below the 950-point mark to close at 948.5 points on May 30.

The VN-Index inched up 1.23 points to 953.41 points at the start of the morning session before dramatically losing some 20 points to stand at 930 points. From 10:20 am, strong demand returned to pull the VN-Index back to 950 points in the final minutes of the morning session.

However, the VN-Index was sluggish in the afternoon. It fluctuated around 949 points before settling at 948.5 points at the end of the day, losing 3.68 points from the previous day.

More than 146 million shares were traded on the HOSE, worth nearly 4.6 trillion VND (202.4 million USD).

Large-cap stocks underperformed as the VN30 Index dropped 6.26 points to reach 918.64 points, with 16 declining stocks against ten gainers among the 30 largest shares by market capitalization.

Of the large-cap stocks, PetroVietnam (GAS) hit the floor prices while Vinamilk (VNM) and VietinBank (CTG) lost 3,100 VND and 400 VND, respectively, per share.

The VN-Index opened the week on May 28 losing 32 points to hit 930 points. The index bounced back the following day with the domination of the colour green, picking up over 20 points. But it could not maintain a second consecutive rebound today.

The HNX-Index on the Hanoi Stock Exchange (HNX) edged down 1.19 points to 111.7 points with some 39 million shares traded, worth 512 billion VND (over 22.5 million USD).

HNX30 closed at 202.23 points, a decrease of 1.68 points from a day earlier.

The UpCoM-Index also dropped by 0.11 points to 52.22 points with a transaction volume of nearly 6.5 million shares worth more than 114 billion VND.-VNA