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VN-Index slumps for third day
Wednesday,  7/11/2018, 17:43 

VN-Index slumps for third day

By Phuong Thao

HCMC – The local stock market declined strongly in the third consecutive losing session on July 11 as sellers took the upper hand. With losers far outnumbering gainers by 241 to 50, the VN-Index of the Hochiminh Stock Exchange slumped a hefty 17.96 points, or 1.97%, versus the previous day at 893.16.

Turnover on the southern market sharply improved, jumping 33.9% in volume and 36% in value to 158.6 million shares worth VND3.7 trillion. The put-through market saw 20.5 million shares valued at VND828.7 billion exchanged.

Banks encountered heavy selling pressure following recent rallies, with VCB shedding 3.5% at VND51,200 a share and CTG tumbling 6.5% at VND20,900 per share. EIB was the only bank closing at the reference price of VND14,000 a share.

CTG was the most actively traded stock in the sector with 6.4 million shares exchanged, followed by BID with 5.4 million shares and MBB with 5.3 million shares.

For the top 10 heavyweights, property firm VHM fell nearly 1.2% at VND109,700 a share and GAS, a leading gas enterprise, declined 2.7% at VND77,800 per share. In contrast, real estate giant VIC advanced 1.5% at VND104,500 per share while dairy firm VNM and brewery enterprise SAB moved flat.

Many blue chips lost ground, including low-cost airline VJC and retail group VRE. Steel maker HPG reported active trade with seven million shares changing hands and securities firm SSI saw 5.8 million shares transacted.

Among small stocks, property firms FLC and HAG led the market for liquidity with 11.5 and 7.7 million shares traded, both losing 1.8% at VND4,760 and VND4,880 a share, respectively. Agricultural firm HNG, a subsidiary of HAG, bucked the trend for adding 0.4% at VND11,500 a share.

The HNX-Index of the Hanoi Stock Exchange also took a nosedive, shedding 3.05% against the previous session at 98.52. There were 39 million shares worth VND554.8 billion traded at the end of the day, up 38% and 49.7% respectively.

Similar to the southern bourse, banks on the northern exchange were hit by a strong sell-off. Leading bank ACB tumbled 5.9% at VND31,900 a share on matching volume of over seven million shares while SHB, the volume leader with 8.7 million shares exchanged, dropped 5.2% at VND7,200 per share.

In contrast, building material firm VGC gained 1.8% at VND16,500 per share on volume of over three million shares, having slid strongly in previous sessions. PVI, an insurance group, closed flat at VND29,000 a share.

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