Stocks extend four-day losses as banks slide
Stocks tumbled for the fourth day in a row on the two exchanges. The
slump continued as investors unloaded shares in fear of liquidity drains
from banking stocks.
Stocks tumbled for the fourth day in a row on the two exchanges. The
slump continued as investors unloaded shares in fear of liquidity drains
from banking stocks.
On the Hochiminh Stock Exchange, the benchmark VN-Index lost nearly 13 points, or 2.26 percent, to close the session at 557.47 points.
The VN30, which tracks the top 30 shares by market value and liquidity, also decreased 2.17 percent to end at 585.47 points.
The market condition was especially negative when the number of decliners nearly tripled that of advancers.
Bank shares were the biggest losers. Large banks like Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG), Eximbank (EIB) and Vietcombank (VCB) plunged to just around the floor price, capped at 7 percent a day.
According to many analysts, investors increased selling out to earn short profits as these shares climbed substantially in previous rallies.
Liquidity improved just slightly yesterday with nearly 97 million shares worth 1.55 trillion VND (72.4 million USD) traded by the end of the session. It was up 15 percent compared to February 2's figure.
FLC Group (FLC) remained the most active code with trades of 7 million shares, but its price sank 1 percent to close at 10,100 VND a share.
On the Hanoi Stock Exchange, the HNX-Index also tumbled 2.21 percent to finish at 82.56 points, led by the downturn of blue chips like Asia Commercial Bank (ACB), down 7.71 percent; Sai Gon-Ha Noi Bank (SHB), down 5.68 percent; and Sai Gon Thuong Tin Real Estate Co (SCR), down 1.3 percent.
The HNX30, the tracker of the top 30 shares by liquidity, also dropped 2.53 percent to end at 158.72 points.
The market breadth was also depressed with those in the negative doubling that of gainers.
The market volume saw little change from the previous session, totaling 44.4 million shares worth 531.4 billion VND (25.2 million USD).
The investment arm of FLC Group, KLF Joint Venture Global Investment co (KLF) led in the Hanoi market with 7.7 million shares traded, ending flat at 10,000 VND a share.
Foreign investors continued to sell off local shares yesterday but at a slower pace. Their activity is responsible for a combined net sell of 43 billion VND (2 million USD) worth of shares in the two markets.-VNA
On the Hochiminh Stock Exchange, the benchmark VN-Index lost nearly 13 points, or 2.26 percent, to close the session at 557.47 points.
The VN30, which tracks the top 30 shares by market value and liquidity, also decreased 2.17 percent to end at 585.47 points.
The market condition was especially negative when the number of decliners nearly tripled that of advancers.
Bank shares were the biggest losers. Large banks like Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG), Eximbank (EIB) and Vietcombank (VCB) plunged to just around the floor price, capped at 7 percent a day.
According to many analysts, investors increased selling out to earn short profits as these shares climbed substantially in previous rallies.
Liquidity improved just slightly yesterday with nearly 97 million shares worth 1.55 trillion VND (72.4 million USD) traded by the end of the session. It was up 15 percent compared to February 2's figure.
FLC Group (FLC) remained the most active code with trades of 7 million shares, but its price sank 1 percent to close at 10,100 VND a share.
On the Hanoi Stock Exchange, the HNX-Index also tumbled 2.21 percent to finish at 82.56 points, led by the downturn of blue chips like Asia Commercial Bank (ACB), down 7.71 percent; Sai Gon-Ha Noi Bank (SHB), down 5.68 percent; and Sai Gon Thuong Tin Real Estate Co (SCR), down 1.3 percent.
The HNX30, the tracker of the top 30 shares by liquidity, also dropped 2.53 percent to end at 158.72 points.
The market breadth was also depressed with those in the negative doubling that of gainers.
The market volume saw little change from the previous session, totaling 44.4 million shares worth 531.4 billion VND (25.2 million USD).
The investment arm of FLC Group, KLF Joint Venture Global Investment co (KLF) led in the Hanoi market with 7.7 million shares traded, ending flat at 10,000 VND a share.
Foreign investors continued to sell off local shares yesterday but at a slower pace. Their activity is responsible for a combined net sell of 43 billion VND (2 million USD) worth of shares in the two markets.-VNA
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