Stocks plunge amid market volatility – EIN Presswire
VIETNAM, Nov. 10 – HÀ NỘI – Vietnamese stocks fell on Thursday after rising for four consecutive sessions, due to underperformance in large-cap stocks as investors sold in a bid to cut losses amid recent market volatility.
The Hồ Chí Minh Stock Exchange (HoSE) VN index fell 3.89% to close at 947.24 points. The index had gained 1.06% over the past two sessions.
More stocks fell on the southern exchange, of which only 21 tickers rose slightly, while 447 stocks ended lower.
Nearly 699 million shares were traded on HoSE, worth nearly VNĐ10.8 trillion ($402.3 million).
“VN-Index returned to the support level of 950 points and may retest this support in the next trading sessions. BSC recommended investors to maintain the current proportion of the portfolio and wait for more positive signals from the market”, has declared BIDV Securities Co (BSC).
The benchmark came under pressure from losses in large-cap stocks, with the VN30-Index of the 30 largest stocks posting a decline of 4.38% to 936.80 points. No stock in the VN30 basket jumped, while 29 stocks slid and one stock ended flat.
The worst performers in the VN-30 basket were the mainstay stocks in the banking, retail and real estate sectors. The biggest losers were Vietinbank (CTG), Hòa Phát Group (HPG), Masan Group (MSN), Mobile World Group (MWG), Novaland (NVL), Phát Đạt Real Estate (PDR), Sacombank (STB) and VPBank ( BPV). They all hit the 7% daily drop limit.
Securities declined towards the end of the session. The loss of VN-Index was greatly widened as shares of securities fell sharply, such as VNDirect Securities Corporation (VND), Saigon-Hanoi Securities JSC (SHS), Việt Capital Incorporation (VCI), Agribank Securities Corporation (AGR) and APG Securities Joint Stock Company (APG).
Energy stocks also posted negative performance with losers such as Việt Nam National Petroleum Group (PLX), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).
On a sector basis, all 25 stock market sector indices lost ground, including insurance, retail, banking, wholesale, construction, rubber production, logistics, real estate and securities.
On the Hà Nội Stock Exchange (HNX), the HNX index also ended lower. He lost 4.47%, to 192.39 points.
During the session, 775 billion VNĐ of shares, equivalent to a trading volume of almost 60 million shares, were traded on the North Market. —VNS