Bank stocks in red, VN-Index lost 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 end of the trading session on April 23, the VN-Index fell more than 43 points to 1,076.78 points. For the second time this month, the index fell below 1,100 points and compared to the most 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 the 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 floor 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 "blank on the 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 cautiously, 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 HDBank's HDB also suffer the same situation.
The market was completely dominated by the selling side with 230 stocks falling, with 49 hitting the floor, while only 68 stocks rose. In the VN30 group alone, 24 stocks fell, with 7 hitting the floor.
The oil and gas group also faced strong selling pressure along with the banking group in today's session. Gas Corporation's shares or Petrolimex's PLX shares 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 three rare bluechip stocks 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, the negative sentiment is still likely to occur.
Minh Son
