Sunday , April 21 2024

Panic selling continues on Vietnam stock market

Vietnam’s benchmark VN-Index continued to plunge Tuesday morning, losing by up to 18 points, as the ripple effect of plunging speculative stocks dragged the market down.

The index started off in the red and dropped to 1,434 points at around 10:30 a.m., lowest since the last major drop on December 6.

335 tickers, or 65 percent of stocks on the main bourse Ho Chi Minh Stock Exchange (HoSE), were in the red, with 41 of them at floor price.

Several analysts have said that the falling of VN-Index in recent days came as speculative stocks like those of real estate developer FLC have pulled the market down, especially as investors who use leverage were forced to sell.

Speculative real estate stocks like CEO of CEO Group, DIG of Development Investment Construction and CII of Ho Chi Minh City Infrastructure Investment started off the day at floor price.

FLC and related stocks are also at floor price with almost no buyers.

Brokerage stocks continued to be sold in droves with SSI of leading brokerage SSI Securities Corporation falling 2.9 percent and VND of brokerage VNDirect dropping 4.2 percent.

Howevere, 17 out of 30 blue chip stocks wre in the green, led by STB of Ho Chi Minh City-based lender Sacombank, up 5.1 percent and BID of state-owned lender BIDV, 3.4 percent.

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