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
Follow VietnamPlus

See more

General Secretary of the Communist Party of Vietnam (CPV) Central Committee To Lam speaks at the Vietnam-Russia business forum in Moscow on May 11. (Photo: VNA)

Vietnam creates favourable conditions for Russian businesses: Party chief

Lam emphasised that promoting cooperation among businesses of the two sides plays an important role in implementing high-level agreements on socio-economic development. The two sides have important pillars of cooperation in energy, industry, science - technology and human resource training.

Automobile assembly at GMA Automotive Industry in Kim Dong district, Hung Yen province. (Photo: VNA)

Ample room remains for Vietnam-Belarus trade cooperation

The coming state visit to Belarus by Party General Secretary To Lam is expected to create new impetus to consolidate and strengthen the bilateral relations, and open up opportunities for businesses of the two countries in trade and investment cooperation.

Hoa Phat Group targets first railway track products to be produced by May 2027. (Photo: Hoa Phat Group)

Private sector empowers Vietnam’s steel revolution

Steel production has transformed significantly thanks to active participation from private enterprises, which have invested big in advanced production technologies and completed steel manufacturing lines with high-capacity plants, resulting in diverse and high-quality products.

A plane takes off from Phu Quoc International Airport. (Photo: VNA)

Master planning scheme for Phu Quoc International Airport announced

CAAV Director Uong Viet Dung said that the airport upgrading project is among projects to be fast-tracked to serve the organisation of the APEC Economic Leaders' Week 2027 in Vietnam, as well as to support sustainable development of the locality and the country.

Vietnam’s durian exports to China reach only 35,000 tonnes valued at around 130 million USD in the first four months of this year. (Photo: VNA)

Vietnam takes steps to address drop in durian exports to China

A report from the ministry shows that Vietnam’s durian exports to China reached only 35,000 tonnes worth around 130 million USD in the first four months of this year, equivalent to only 20% of export targets. In comparison, durian exports totalled 500 million USD in the same period last year.

Vietnamese Consul General Nguyen Thanh Tung at the event (Photo: VNA)

Sydney forum explores investment opportunities between Vietnam, Australia

Vietnamese businesses introduced their strengths and capabilities, and explored cooperation opportunities with Australian partners. Meanwhile, the Australian side expressed their interest in introducing advanced mining technologies to the country, bringing Vietnam’s high-quality building materials to the Australian market, and cooperating with Vietnamese partners to convert waste into fertiliser for agriculture and coal for steel production.