There was a doldrums of market driving news from local media, the panic sentiment was poisoned by the plunge from the global market last night. The market opened deep in the red as sellers lost control amid Wall Street stumble last night, the selling pressure got hotter and hotter and many stocks saw floor actions. Though the market was off the lows, the loss was still painfull.
Vietnamese stocks fell the most in nearly three months on August 12 as more investors were forced to sell their risky assets to cut losses and balance their funds.
The benchmark VN Index 14.72 points or 3.17% to 448.12. This is the biggest loss since May 21.
Volume rose to 49.74 million shares traded for VND1.29 trillion compared to 40.06 million shares traded for VND1.09 trillion on August 11.
For the year, the gauge lost 46.37 points or 9,37%.
Though the bottom fishing was more active, it could not denied that the selling pressure was still high as many stocks closed at the lowest prices of the day with outstanding offers.
Sale off across the board indicated that de-leverage selling pressure was high and investors switched to cash, said a Hanoi-based trader.
In a note to customers, SBS technical analysts sees 430 as the last leg for the bulls to protect their market and if panic increases, 400 will the next target. Other brokers, however, are less optimistic and believe present market provide good opportunities for value investors.
Market breath was too negative where losers outnumbered gainers by a whopping 30 to 1, only VHC was ceiling gainers while other 160 stocks fell to the floor. On this bourse, daily trading limit is capped at 5% each side. HAG was the only one in the top ten market caps stayed away from negative territory.
REE was the most active stock with 2.34 million shares traded, closing down 3.55 % to VND16,300.
STB ranked second in the list with 1.8 million shares traded, losing 1.89% at VND15,600.
SSI was in the third place with 1.65 million shares traded, closing at the floor of VND27,700.
TCM and VSH followed with 1.46 million shares and 1 million shares traded, respectively, both fell the floor.
Foreigners, however, took the plunge opportunities to increase their stock holding, net buying VND56.88 billion on the HOSE today after taking 11.31% buying value and 6.41% selling value on the market.
On the Hanoi Stock Exchange, the HNX deepened its losses in the year, losing 7.15 points or 5.14%.
Today volume rose to 37.47 million shares traded for VND885 billion compared with 28.88 million shares traded for VND713.12 billion on August 11.
The market recorded 20 gainers, 286 losers including 5 ceiling gainers and 160 floor losers. On this bourse, daily trading limit is capped at 7% each side.
PVX were the most active stocks on the bourse with 6.39 million shares traded, closing down 5.49% to VND22,400.
KLS was in the second place with 3.4 million shares traded, losing 4.52% at VND14,800.
VCG ranked third in the list with 1.36 million shares traded, falling to the floor of VND31,900.
Today foreign players were net buyers of VND3.64million of shares on this smaller cap bourse.
Source: stox.vn