Stock volatile, sharp decline amid selling pressure

Saturday, Feb 24, 2024 07:24

On HOSE alone, foreign investors were net sellers with an approximate value of VNĐ767 billion. VNA/VNS Photo

The stock market recorded significant volatility during the weekend session, initially boosted by banking stocks but later experiencing a sharp decline due to unexpected selling pressure in the afternoon.

The market benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) lost 1.25 per cent to end at 1,212.00 points.

It had lost 0.22 per cent to end Thursday at 1,227.31 points.

The market's breadth was negative with 98 stocks rising, while 414 slid.

Liquidity experienced a significant surge, with the trading value on HOSE nearing VNĐ32 trillion.

The stock market witnessed notable fluctuations and volatility throughout the weekend session. It began on a positive note, with banking stocks providing a boost and driving initial gains.

However, as the afternoon unfolded, unforeseen selling pressure emerged, leading to a substantial downturn in market performance. Adding to the market's challenges, foreign investors continued their trend of being net sellers, resulting in a cumulative net selling value of VNĐ789 billion across the market.

On HOSE alone, foreign investors were net sellers with an approximate value of VNĐ767 billion.

These combined factors created a challenging trading environment and heightened uncertainty among investors.

VPBank (VPB) faced the strongest selling pressure from foreign investors, with a value of VNĐ195 billion, followed by Mobile World Group (MWG) and VIX Securities Joint Stock Company (VIX), which were sold off at VNĐ183 billion and VNĐ140 billion, respectively. Additionally, foreign investors also sold Tiên Phong Bank (TPB) and Masan Group (MSN), with respective values of VNĐ78 billion and VNĐ76 billion.

The 30 biggest stocks tracker VN30-Index lost 1.36 per cent, to end at 1,223.09 points. Twenty-seven in the VN30 basket decreased, while two increased.

In the VN-30 basket, the worst performers were Masan Group (MSN), Việt Nam National Petroleum Group (PLX), Hoà Phát Group (HPG), Mobile World Group (MWG), FPT Corporation (FPT) and Bảo Việt Holdings (BVH).

The Vin family trio of stocks - Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) posted huge losses, dropping 5 per cent, 3.3 per cent and 3.6 per cent.

On the Hà Nội Stock Exchange (HNX), the HNX-Index lost 1.25 per cent to end at 231.08 points.

During the trading session, more than 120 million shares were traded on HNX, worth nearly VNĐ2.1 trillion. — VNS

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