VN-Index drops almost 70 points due to heavy selling pressure


VIETNAM, April 25 – A customer at the Techcombank office. Bank stocks posted steep losses yesterday on heavy selling pressure, with Techcombank shares posting the biggest daily loss of 7%. — Stock Photo

HÀ NỘI — The stock market ended lower on Monday as profit-taking activity weighed on sentiment, with hundreds of stocks hitting lows.

On the Ho Chí Minh Stock Exchange (HoSE), the VN index fell 68.31 points, or 4.95%, to 1,310.92 points. In the afternoon session, he even posted a record loss of nearly 80 points to less than 1,300 points. The market benchmark fell 5.44% last week.

The breadth of the market was negative with 443 stocks down, of which 181 stocks recorded the largest intraday loss of 7%. Liquidity remained at low levels as nearly 763 million shares were traded on the southern market, worth nearly 21.95 trillion NV ($954.8 million).

Heavy selling activity cast a shadow over market sentiment, causing heavy losses across all sectors. The VN30-Index of the 30 largest stock trackers also plunged 77.93 points, or 5.4%, to 1,366.39 points.

All stocks in the VN30 basket ended lower on Monday, with 16 stocks hitting lows.

Among the top ten stocks influencing the market downtrend, nine stocks, mostly in the banking sector, fell 7% – the maximum daily loss, including PV Gas (GAS), Hòa Phát Group (HPG), BIDV (BID ), VPBank (VPB), Techcombank (TCB) and Vietinbank (TCB). Meanwhile, Masan Group (MSN) fell 5.92%.

Many other stocks posted negative performance, such as the trio of Vin family stocks – Vingroup (VIC), Vinhomes (VHM) and V income Retail (VRE) falling in the 1.93-6% range.

Saigon-Hanoi Securities JSC analysts said in a letter to clients that in general, from a technical point of view, the trend of the VN index has weakened significantly and there is only one only major technical support level at 1,350 points, and if it fails to hold that level, the market’s benchmark VN index will drop slightly towards 1,200 points.

The HNX index on the Hanoi Stock Exchange (HNX) also stabilized in Monday’s trade on strong selling strength. The index fell 21.61 points, or 6.02%, to 337.51 points.

During the session, more than 2.3 trillion VNĐ of shares, representing a trading volume of 108.36 million shares, were traded on the North Exchange.

On the other hand, foreign investors have flocked to the market, with a total net purchase value of over VNĐ229 billion. Of this amount, they bought a net worth of 214.66 billion VN on HoSE and 14.41 billion VN on HNX. —VNS


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