Monday , October 14 2024

Market in sharp decline as VN-Index falls below 1,200 points

The stock market began the new week with significant volatility, marked by the VN-Index experiencing its sharpest drop since mid-April and a surge in trading volumes compared to the previous session.

People harvesting rubber latex in Bình Phước Province. Shares of Vietnam Rubber Group (GVR) hit the floor price as the market experienced a significant decline. — VNA/VNS Photo

HÀ NỘI — The stock market started the new week with extreme volatility, as the VN-Index suffered its steepest decline since mid-April, while trading volume surged compared to the previous session.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) finished the day at 1,188.07 points, down significantly by 48.53 points, or 3.92 per cent.

On the southern bourse, the breadth was negative with 332 stocks declining, while only 23 increased. Liquidity improved to VNĐ23.8 trillion (US$947.23 million), an increase of 45 per cent from the previous session.

The VN30-Index, which tracks the 30 biggest stocks on HoSE by market capitalisation, also dropped 48.9 points, or 3.82 per cent, to 1,232.11 points. All 30 stocks in this group fell sharply, with one stock hitting the floor price, Vietnam Rubber Group (GVR).

Large-cap stocks across all sectors led the market’s downturn, with the Bank for Foreign Trade of Vietnam (VCB) posting the biggest fall in market capitalisation of 2.03 per cent, contributing to a decrease of 2.5 points in the VN-Index.

Other major stocks followed suit, including the Bank for Investment and Development of Vietnam (BID), which fell by 3.46 per cent, Vietnam Rubber Group – Joint Stock Company (GVR), which hit the floor price with a 6.96 per cent drop, Vietnam Technological and Commercial Joint Stock Bank (TCB), down by 5.11 per cent and Hòa Phát Group JSC (HPG), which fell 4.77 per cent.

Bùi Văn Huy, Director of DSC Securities Branch, noted that the deep decline in regional markets had significantly impacted Việt Nam’s stock market. On 5 August, red dominated the Asia-Pacific stock markets. Japan’s Nikkei closed with a substantial decrease of 4,389.5 points, equivalent to 13.47 per cent. South Korea’s Kospi dropped by 234.62 points, or 8.77 per cent.

In contrast, the domestic economic context remains relatively positive, with macroeconomic data showing a robust and steady recovery. This will provide an important foundation for the market.

However, as the half-year earnings season has concluded and the data has been fully reflected, the market enters a period lacking new information, making investors more cautious.

Despite this, Huy believes that the current period is a good time for investors to consider long-term strategies by forecasting the recovery of corporate profits in the year’s final stages.

The Hà Nội Stock Exchange (HNX) index also declined on Monday, dropping by 3.82 per cent to 222.71 points.

During the session, more than VNĐ1.6 trillion worth of shares were traded, equivalent to a trading volume of over 86 million shares on the northern bourse.

Foreign investors returned to their net selling spree, with net sales of over VNĐ730 billion on HoSE. — VNS

Read More :
- Reduce Hair Loss with PURA D’OR Gold Label Shampoo
- Castor Oil Has Made a “Huge” Difference With Hair and Brow Growth
- Excessive hair loss in men: Signs of illness that cannot be subjective
- Dịch Vụ SEO Website ở Los Angeles, CA: đưa trang web doanh nghiệp bạn lên top Google
- Nails Salon Sierra Madre