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VN-Index drops below 1,050 points, hopes still for reversal
The VN-Index dropped 19.48 points to end at 1,047.15 in morning trading, with 88 of 124 stocks shedding weight. In Ha Noi, the HASTC-Index dropped 11.33 points to 371.6 with 77 of 92 shares becoming losers.
Phu My Fertilizer and Chemicals (DPM) had a disappointing performance in its first day, dropping 5 percent and becoming the first stock to stand below its expected price as of September.
A series of slides by blue chips also worsened matters. Decliners included Kinh Do Food (KDC), Vinamilk (VNM), FPT Corporation (FPT), Sudico (SJS), Saigon Securities (SSI), Petro Vietnam Drilling and Well Services (PVD), REE Technology (REE), Saigon Cable & Telecommunications Materials (SAM), Schenker-Gemadept Logistics (GMD), Vinh Son Hydropower (VSH), Sacombank (STB) and Pha Lai Thermal Power (PPC).
To many investors’ surprise, VNM and VSH saw sharp falls despite being regarded as sound, stable stocks.
Good news from Vincom (VIC), that it would issue more stocks as the session drew to a close spurred orders but could not turn the situation around for the overall market.
Hopes were revived as several stocks rose to their ceiling prices, including Khanh Hoa Power (KHP), Pinaco (PAC), Cuu Long-An Giang Seafood (ACL) and Hoa Binh Rubber (HRC), and slight gains were made by pharmaceuticals like Hau Giang Pharmaceutical (DHG) and Imexpharm (IMP), compelling pundits to forecast buy orders increasing as stocks prices drop and the market alters course over the coming few days.
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