Shares sink to year-low on massive sell-off

The VN-Index sank on August 9 to 472.74 – its lowest point of the year – after shedding 10 points, 2.09 percent down on last week's close.
The VN-Index sank on August 9 to 472.74 – its lowest point of the year – after shedding 10 points, 2.09 percent down on last week's close.

The fall was the largest for two months.

Meanwhile, market liquidity rose on the HCM Stock Exchange, with 43 million shares changing hands, worth nearly 1.2 trillion VND (63.2 million USD), an increase of more than 18 percent in volume and 16 percent in value over the previous day's levels.

Decliners outnumbered gainers by 224-16, with 73 codes hitting their floor price. Refrigeration Electrical Engineering Corp (REE) was the most active share in terms of volume, with more than 1.7 million changing hands. Its share price lost 3.4 percent to close at 17,000 VND (0.89 USD).

On the Hanoi Stock Exchange, the HNX-Index dropped 2.9 percent to close at 141.9 – its lowest point since December 18 2009. Trading volume rose 30 percent to nearly 35.8 million shares, worth a combined 934 billion VND (49.2 million USD), an increase of 27 percent over the previous day's value.

Market performance was negative with 251 shares declining, 44 advancing and 13 closing unchanged. PetroVietnam Construction (PVX) continued to top market volume, with 4.32 million shares changing hands. However, share value sank 4.71 percent to close at 24,300 VND (1.28 USD).

Bac Viet Steel Co (BVG) listed 9.7 million shares – its first floatation on the northern bourse. About 13,000 units changed hands, ending the day's trade at 21,000 VND (1.11 USD)./.

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