Business

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 heavyselling on both blue chips and speculative shares, despite positiveperformances in the morning.

On the Hochiminh Stock Exchange,the benchmark VN-Index lost nearly 10 points, or 1.68 percent, to closethe session at 576.04 points - the lowest in five months - as thedecliners tripled the advancers.

Steep falls of large-cap sharesalso pushed the VN30 which tracks the top 30 shares by market value andliquidity down 1.08 percent to finish at 616.48 points.

ExceptMasan Group (MSN) and Vinamilk (VNM) which ended flat, other major bluechips like Vietcombank (VCB), Hoa Phat Group (HPG), VinGroup (VIC) andBao 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.

Evenspeculative stocks were sold heavily, including the most active stocks,such as FLC Group (FLC), Tan Tao Investment Industry (ITA) and HoangQuan Consulting Trading Service Real Estate (HQC).

FLC fellhardest with a decrease of 4.92 percent to close at 11,600 VND (0.54USD) a share. It was also the most active code with more than 29 millionshares traded.

Liquidity soared. The market volume jumped 40percent over November 25, totaling 162 million shares, while value oftrades climbed 50 percent to reach 3.03 trillion VND (142.3 millionUSD).

"It's unimaginable to see the red prevailing across the twoboards this afternoon after positive performances in the morning. Thereis no reason for stocks to plunge so suddenly. It must be the result ofmassive selling activity," Le Duc Hiep, a Hanoi-based investorcommented.

On the Hanoi Stock Exchange, the HNX-Index also slid1.57 percent to end at 87.54 points as the losers outnumbered thegainers by 125-81. The other 159 stocks closed flat.

Liquidityalso improved here with the market volume rising 75 percent over theprevious session to reach nearly 77 million shares, worth 1.1 trillionVND (51.6 million USD).

Speculative stocks were also offloadedhere, led by KLF Joint Venture Global Investment (KLF) with 16.5 millionshares traded. KLF dropped 9.7 percent to settle at 13,00 VND.

Foreigninvestors turned heads to be net sellers in Ho Chi Minh City onNovember 26 with a net sell value of nearly 38 billion VND (1.8 millionUSD). They remained net buyers in Hanoi but with a modest value of just13 billion VND (610,300 USD).-VNA
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