Stocks tumble as stock selling worsens


VIETNAM, June 3 –

Hòa Phát Group (HPG) Steel Plant is located in Dung Quất Economic Zone, central Quảng Ngãi province. HPG lost 3.5% on Thursday. Photo

HÀ NỘI Risk aversion dominated markets on Thursday as stocks across all sectors sold off sharply.

On the Ho Chí Minh Stock Exchange, the VN index fell 0.84% ​​to end Thursday at 1,288.62 points.

The southern stock market index fell slightly by 0.1% to end Wednesday at 1,292.68 points.

Market breadth was negative with 123 winners and 332 losers, while 53 stocks ended flat.

Options traders showed little appetite to bet on an end to the stock market’s continued selloff on Thursday. Liquidity remained low with more than 572.5 million shares traded on the South Exchange, worth VNĐ16.5 trillion ($711.2 million).

The VN30 index, which tracks the 30 largest stocks on HoSE, fell 0.75% to end at 1,325.49 points. Out of 30 stocks in the VN30 basket, five posted gains while 23 declined.

Bank stocks were hit hard with the losers being Sacombank (STB), Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), Military Bank (MBB), Vietnam International Commercial JS Bank (VIB ) and Saigon-Hanoi Commercial JS Bank (SHB), HDBank (HDB) and Bank for Investment and Development of Việt Nam (BID).

Other major stocks that contributed to the downward trend were Hòa Phát Group (HPG), Khang Điền House (KDH), FPT C orporation (FPT), Masan Group (MSN), Phát Đạt Real Estate (PDR), Sabeco (SAB), Vinamilk (VNM), Vi etjet (VJC), SSI Securities Inc (SSI) and two Vin family stocks – Vingroup (VIC) and Vincom Retail (VRE).

“The market movement continued to increase and gradually moved towards the 1,300 point area,” Việt Dragon Securities Co (VDSC) said.

“Overall, the gain move was still tough and cautious, reflected by low liquidity and a decline from the previous session. With this cautious move, the 1,300 resistance zone at 1 320 points continues to exert strong pressure on the market in the near future.

“Therefore, investors should always limit their purchases as the market approaches the resistance zone, and in the meantime, they should prioritize profit-taking and restructure the portfolio to minimize risk in the near future. “, did he declare.

On the Hà Nội Stock Exchange, the HNX index fell 1.14% to end Thursday at 311.77 points.

The index rose 0.96% to end Wednesday at 315.76 points.

Liquidity was higher than in the previous session with 87.8 million shares worth nearly VNĐ2 trillion traded on the Northern Market. —VNS


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