Market plunges as liquidity reaches a four-week high

Tuesday, Jun 25, 2024 07:14

An FPT Techday. Shares of the software manufacturer led the market's downtrend on Monday. — VNA/VNS Photo

The Vietnamese market opened the new week negatively as VN-Index decreased sharply, while market liquidity was at a four-week high.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) finished the day at 1,254.12 points, down 27.9 points, or 2.18 per cent.

On the southern bourse, the breadth was negative as 277 stocks ticked down, while 65 increased. Liquidity hovered above VNĐ31.8 trillion (US$1.25 billion), an increase of 48.2 per cent from the previous session.

The VN30-Index, tracking the 30 biggest stocks on HoSE by market capitalisation, also dropped 30.08 points, or 2.28 per cent, down to 1,289.85 points. The number of decliners surpassed that ofgainers in the VN30 basket by 28 to one, with one stock ending flat.

Large-cap stocks in the technology, banking and manufacturing sectors led the market's downturn, with FPT Corporation (FPT) posting the biggest fall in market capitalisation of 2.94 per cent, contributing to a decrease of 1.72 points in the VN-Index.

It was followed by Vietnam Rubber Group - Joint Stock Company (GVR), Vietnam Airlines JSC (HVN), Hòa Phát Group JSC (HPG) and PetroVietnam Gas Joint Stock Corporation (GAS). All the stocks fell in a range of 1.2-6.97 per cent.

Banking stocks also saw poor performance on Monday. Vietnam Prosperity Joint Stock Commercial Bank (VPB) declined 3.83 per cent, Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) fell 1.17 per cent, and Southeast Asia Commercial Joint Stock Bank (SSB) tumbled 4.84 per cent.

However, losses were capped by gains in several large-cap stocks, led by PetroVietnam Power Corporation (POW), which was up 2.04 per cent. It was followed by Tân Tạo Investment and Industry Corporation (ITA) posting an increase of 6.86 per cent and Hoàng Anh Gia Lai Agricultural JSC (HNG) which rose 6.97 per cent.

The Hà Nội Stock Exchange (HNX) index also finished lower on Monday, declining 1.89 per cent to 239.74 points.

During the session, more than VNĐ2.4 trillion worth of shares were traded, equivalent to a trading volume of more than 117 million shares on the northern market.

Foreign investors extended their net selling spree as they net sold over VNĐ925 billion on HoSE. — VNS

Comments (0)