Vietnamese shares suffer from sell-off on global market

Vietnamese shares have been in the red as most large-cap stocks lost steam, caused by the sell-off on the world’s stock market.

Illustrative photo (Photo: VNA)
Illustrative photo (Photo: VNA)
The VN-Index dropped 47.8 points to close at 946.16 points on October 11 as the selling pressure hit many large-cap stocks.
The HNX-Index on the Hanoi Stock Exchange (HNX) closed at 107.97 points, down 5.79 points. There were only 16 rising codes and 144 declining ones, with 68.74 million shares worth over 972.4 billion VND (over 41.82 million USD) being traded.
Most large-cap stock codes in the VN30 basket fell, with the largest drop recorded at HSG, who were down 6.8 percent to 11,700 VND (about 0.5 USD) per share. Other codes including HPG, GAS, VRE, VIC, VJC, VNM, ROS, and FPT fell 5.4 percent, 5.8 percent, 5 percent, 4.8 percent, 4.3 percent, 3 percent, 5.2 percent, and 4.2 percent, respectively.
VHM, the second-largest stock by market capitalization, also dropped by 5.6 percent.
Among petroleum stocks, all codes lost their prices, including PLX, by 6.1 percent; BSR, 10.8 percent; OIL, 9.8 percent; POW, 7.8 percent; PVB, 9.5 percent; PVC, 7.5 percent; and PVS, 9.3 percent.
In the banking group, major stocks like ACB, BID, CTG, TCB, VIB, VPB, MBB, and STB declined sharply, ranging from 5.2 percent to 6.6 percent. Only KLB recorded an increase of 1 percent.
The stock securities sector also saw strong drops, with SSI down 6.4 percent; MBS, 6.7 percent; and BVS, 8 percent. The codes SHS, CTS, ART, VND, and VIG hit the floor price.
As many as 5.86 million shares were sold on the HCM Stock Exchange (HOSE) with a net sell value of nearly 282 billion VND (over 12.1 million USD). Meanwhile, on the HNX, over 1 million shares were traded, with a net sell value of 4.62 billion VND (nearly 199,000 USD).
Experts attributed the strong drop in Vietnam’s stock market to the negative impact of the world stock market. 

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