Vietnamese stocks tumble after U.S. President tests positive for Covid-19

During a volatile session, the stock market crashed before the strong cash flow helped it rebound.

The benchmark VN-Index of the Hochiminh Stock Exchange fell by 0.46%, or 4.18 points to close the day at 909.91 points. The number of losers nearly tripled that of winners, with 294 stocks losing and 106 stocks advancing.

The strong selling pressure pushed up liquidity on the southern bourse, seeing more than 527 million shares worth VND8.59 trillion traded, soaring by 49.95% in volume and 27% in value against the previous session.

The gain of some large-cap stocks prevented the benchmark index from suffering a steep fall. Property firm VIC was up 1.6% to VND94,000 per share, while lender CTG, electricity firm POW and financial service provider TCH increased by 1.3%, 2.9% and 0.7%, respectively.

CTG, POW and TCH were also actively traded with 13 million, 18 million and 21.9 million shares changing hands, respectively.

CTG was the only bank stock that gained ground. Many other bluechips such as dairy producer VNM, lender BID, property firm VHM and lender VCB tumbled.

In the group of speculative stocks, property group FLC soared by 6.49% to VND3,610 per share, while financial group OGC shot up to the ceiling price.

FLC was the most actively traded stock on the southern market, with 30.65 million shares changing hands.

Similarly, the HNX-Index of the Hanoi Stock Exchange fell sharply early in the morning and recovered in the afternoon.

The index expanded by 1.06%, or 1.41 points versus the previous session to close the day at 134.91 points, with 77 gainers and 86 decliners. There were 87.87 million shares worth nearly VND1.28 trillion traded.

Plastic stock NTP and bank stocks ACB and NVB were the major contributors, rising by 2% or more. Some other bluechips such as construction firm VCG and stone processor VCS reversed course to end higher.

ACB led the northern market by liquidity, with 10.94 million shares changing hands.