Bank stocks in red, VN-Index loses more than 43 points
Half of the bank stocks on the stock market are "blank on the buy side".
The last week of April started with a "cataclysm" in the stock market. At the close of trading on April 23, the VN-Index fell more than 43 points to 1,076.78 points. This was the second time this month that the index fell below 1,100 points and compared to its recent peak, the VN-Index has evaporated nearly 130 points.
On the Hanoi Stock Exchange, the situation was no better when the two main indices, HNX-Index and UPCOM-Index, were both in red. HNX-Index lost nearly 5% of its value, while UPCOM-Index lost nearly 2%. Total market capitalization decreased by more than VND143,000 billion, equivalent to about USD6.2 billion. On the HoSE alone, capitalization decreased by nearly VND118,000 billion.
The "culprit" of today's trading session is the group of banking stocks when all stocks on the market are in red, 7/16 stocks hit the floor with "no buy side".
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A series of bank stocks were sold at the floor price in today's session (April 23). |
The developments were not much different from before. The market started with a cautious sentiment, trading in a narrow range until the end of the morning session. However, by the beginning of the afternoon session, massive selling pressure appeared, forcing the index to fall deeply.
By the end of the session, the three big state-owned banks, VCB of Vietcombank, CTG of VietinBank and BID of BIDV, all hit the floor, with CTG shares alone remaining to sell more than 240,000 units.Sacombank's STB, VPBank's VPB, MBB of MB or HDB of HDBank also suffered the same fate.
The market was completely dominated by the selling side when 230 stocks decreased, with 49 stocks hitting the floor, while only 68 stocks increased in price. In the VN30 group alone, 24 stocks decreased, with 7 stocks hitting the floor.
The oil and gas group also faced strong selling pressure along with the banking group in today's session. Shares of GAS of the Gas Corporation or PLX of Petrolimex both hit the floor with remaining sales at the end of the session.
MWG of Mobile World, VIC of Vingroup and VJC of Vietjet are 3 rare stocks in the bluechip group that still maintain green color, however the increase amplitude is not too significant.
The unexpected trading session right from the opening day of the week made the outlook for the last week of April negative. VN-Index was forced below 1,080 points - the previous strong support level, and lost nearly 130 points compared to the peak of 1,200 points.
With the sell-off pushing the floor price today, it is likely that the market will fall into a "margin call" situation - selling stocks to recover loans from securities companies, in the next session. Accordingly, negative nuances are still possible.
Minh Son
