Vietnamese stocks continued to tumble on August 25 on massive selling as investors fears the market went further into bear market after losing over 20%. Liquidity however rose sharply on bottom catching efforts.
The benchmark VN-Index lost 10.53 points or 2.43% to 423.89 on August 25. Volume nearly surged to 51.49 million shares worth VND1.24 trillion traded, compared to 47.29 million shares and VND1.16 billion on August 24.
The VN Index broke down the last intraday low of 441.1 logged on August 13 this year and settled at the fresh record low year-to-date which is also the 52 week low stroke on December 17 last year.
The benchmark lost 26.49% from the year peak of 549.51 recorded on May 6. Theoretically,the market enter a bear one if the index lost from 20%.
Sacombank Securities (SBS) technical analysts earlier said that 430 was the last leg for the bulls to protect their market. However, the market easily plunged below this threshold.
The banks story, which analysts believe to be key factor to watch now, is still gloom. Headlines showed that banks are gearing up to raise their charter capital as planned and they are now also in the race to hike USD deposit interest rates to lure customers.
The market fell 7.41 at the open to 427.01 points with thin volume. The selling pressure was high which sent the market quickly to under 422. Trading was more active as sellers were aggressive across the board, floor action was popular. Though the market was off the low, the loss was dramatically with very thin bid at the close.
Market breath was negative where losers outpaced gainers by almost 10 to 1, a ratio indicating the widespread panic on the market. HTV, SHI, PVF and LHG were the ceiling gainers while 147 others fell to the floor with the trading band of 5% each side.
STB was the most active stock with 2.68 million shares traded, closing down 0.64% to VND15,600. REE ranked second in the list with 1.97 million shares traded, losing 2.52% to VND15,500. VSH was in the third place with 1.89 million shares traded, closing higher 0.84% to VND12,000. SSI and OGC followed with 1.85 million shares and 1.69 million shares traded, respectively.
Today foreign players net bought VND79.17 billion of Vietnamese shares on the Hochiminh Stock Exchange.
On the Hanoi Stock Exchange, the HNX went more deeply into the bear market, losing 5.59 points or 4.49% to close at 118.81. Today volume also rose to 36.03 million shares traded for VND753 billion compared with 32.89 million shares traded for VND708.25 billion on August 24.
PVX was the most active stocks on the bourse with 6.8 million shares traded, closing down 5.56% at VND20,400. KLS was in the second place with 3.44 million shares traded, losing 5.84% at VND12,900. VCG ranked third in the list with 1.41 million shares traded, closing at the floor price of VND19,700.
Foreigners switched to be the net sellers of VND4.61 billion on this smaller cap bourse.
Source: stox.vn