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Indices cascade as stocks hit the floor
Over 160 of the 680 listed companies plunged to their floor prices this morning, continuing to drag both benchmark indices down on the two national stock exchanges.
On the HCM Stock Exchange, the VN-Index lost another 0.84 per cent over yesterday to close today's trading at 364.48 points, with decliners more than doubling advancers.
Decreased purchasing power pushed down the market volume by 30 per cent to nearly 40.5 million shares, while the value of today's trades also dropped by 19 per cent to VND688.4 billion (US$32.8 million).
Blue chips were mixed. While shares in property developer Vincom (VIC) hit the ceiling and steelmaker Hoa Phat Group (HPG) gained 1.6 per cent, the two most heavyweight stocks – insurer Bao Viet Holdings (BVH) and food producer Masan Group (MSN) – fell their daily limit of 5 per cent. Most of the other large-cap shares retreated or closed unchanged.
Sacombank (STB) was the most active stock with more than 3.4 million shares changing hands, closing unchanged for the third session in a row at VND14,800 ($0.70).
The downward spiral of the benchmark HNX-Index on the Ha Noi Stock Exchange continued with a loss of 1.24 per cent, ending the session at 58.90 points.
Losers largely overwhelmed gainers by 209-37.
Bottom-fishing efforts helped increase the value of trades by over 10 per cent to VND311.3 billion ($14.8 million), with nearly 38.7 million shares changing hands.
Kim Long Securities Co (KLS), the most heavily-traded share nationwide on a volume of 4.22 million shares, continued to decline, falling another 4.2 per cent to close at VND9,200.
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