Stocks drop sharply after a bull run
A passer-by walks past the statue of a bull and a bear in front of the Hochiminh Stock Exchange in District 1, HCMC. The VN-Index suffered a steep decline on January 19 – PHOTO: THANH HOA
HCMC – After an extended period when stocks grew steadily, the local stock market plunged drastically today, January 19, seeing numerous stocks plunge into the red.
The benchmark VN-Index of the Hochiminh Stock Exchange lost 60.94 points, or 5.11%, against the session earlier to close the day at 1,131 points. The number of declining stocks was nearly 10 times higher than that of gainers, with 437 decliners, including 112 stocks dropping to the floor prices, and only 44 gainers.
There were 986.1 million shares worth nearly VND20.4 trillion changing hands, rising 32% in volume and 19% in value compared with the previous session. Over 63 million shares worth some VND2.4 trillion were transacted in block deals.
In the VN30 basket, retailer VRE fell slightly, closing the day down 0.13% to VND37,300. Refrigeration electric engineering corporation REE and real estate developer NVL fell 2% to VND52,800 and 2.4% to VND70,000, respectively. Others like VJC, SAB, SBT, VCB, VHM, MSN and VNM lost 3-5% while MWG, KDH, PLX, PNJ, EIB, GAS, TCB, FPT and HPG shed 5-6.7%.
Similarly, most speculative stocks fell sharply or dropped to the floor prices such as HQC, DLG, ITA, HAG, HNG, HCM, AMD, VND, ROS and HAI.
ROS led the southern market by liquidity with more than 90.8 million shares changing hands.
Among a few stocks that gained ground, railway corporation VRC was the biggest gainer, soaring 5.3% to VND11,000. Both mining consultancy service provider TNT and securities company TVB increased 3.8%, closing at VND2,750 and VND15,000, respectively.
The HNX-Index of the Hanoi Stock Exchange lost 2.81%, or 6.48 points, to end at 224.02 points, with losing stocks far outnumbering winners by 175 to 48. There were more than 162.6 million shares worth nearly VND2.44 trillion changing hands on the northern bourse.
Many large-cap stocks such as insurer PVI, petroleum stocks PVS and PVC, electric device producer MBG, lender NVB and industrial development corporation IDC dropped to the floor prices.
The worst performers also included lender SHB, gas firm PLC and stone processor VCS, falling 9.1% to VND16,900, 9.2% to VND27,700 and 4.4% to VND86,000, respectively.
In contrast, stainless steel firm KVC, investment and development company FID, property firm PVL and investment group VIG shot up to the ceiling prices, while investment company THD surged 5.5% to VND145,000.
Lender SHB took the lead in terms of liquidity on the northern bourse, with more than 53.1 million shares traded, followed by property firm HUT with 27.7 million shares.
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