VN-Index hits more than 3-month low on strong sell-off
VN-Index hits more than 3-month low on strong sell-off
The Vietnamese stock market fell more than 3 per cent on Tuesday, erasing nearly VNĐ149 trillion of the southern exchange's value.
BIDV's employee talks to a client at its office. The bank's shares led the downtrend on Tuesday with a decrease of nearly 5.5 per cent. — Photo bnews.vn |
The market's benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) tumbled 37.15 points, or 3.22 per cent, to finish the trading day at 1,118.1 points. This was the lowest close in more than three months.
The strong correction led to an evaporation of nearly VNĐ149 trillion (US$6.1 billion) from HoSE's market value, according to cafef.vn. As of October 10, the market value of HoSE dropped to nearly VNĐ4.5 quadrillion.
Liquidity on the southern bourse soared above VNĐ20 trillion today, with the trading value up 83.5 per cent from the previous session to VNĐ21.1 trillion. During the session, nearly 992 stocks were traded.
The breadth of the market fell into negative territory as losers surpassed gainers of 304 to 32.
The VN30-Index, tracking the 30 biggest stocks on HoSE, saw a decline of 36.24 points, or 3.11 per cent, to 1,130.89 points. Up to 29 ticker symbols headed down, with one hitting the floor price, while no large-cap stocks performed positively and one ended flat.
On the Hà Nội Stock Exchange (HNX), the northern bourse's benchmark index plummeted more than 10 points, or 4.24 per cent, to 226.68 points.
Investors poured nearly VNĐ2.6 trillion into HNX, equivalent to a trading volume of 136.64 million shares.
Stocks across all sectors, including appealing industries such as real estate, banking, securities and manufacturing, were in the red.
On the two main exchanges, 73 stocks logged the maximum intra-day losses, pressuring the market's sentiment.
Statistics from the financial website vietstock.vn showed that BIDV (BID), Vingroup (VIC) and Hòa Phát Group (HPG) were the market's dominants.
In particular, the lender BID was the biggest decliner, with a fall of 5.46 per cent in market capitalisation. The property developer VIC and steel manufacturer HPG reported decreases of 5.12 per cent and 5.34 per cent, respectively.
Other pillars that saw strong sell-offs were Vinhomes (VHM) down 3.72 per cent, PV Gas (GAS) fell 3.36 per cent, and Vietnam Rubber Group (GVR) down 7 per cent.
The market was also weighed by the outflow of foreign capital as foreign investors were net sellers on HoSE. They net sold nearly VNĐ158.3 billion on the southern bourse, while net bought VNĐ13.78 billion on HNX.
