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Banking & Finance

Strong selling pushes market down

Released at: 18:00, 09/12/2015 Stock Market Watch

Strong selling pushes market down

High trade volume behind VN-Index and VN30-Index closing down in afternoon session on December 9.

by Hung Khanh

The VN30-Index brought the market down in the afternoon session on December 9, closing 10.31 points, or 1.76 per cent, lower. Five shares increased and 25 decreased, with losses being significant on the back of high trade volumes. ITA fell 3.28 per cent, with some 4.6 million shares changing hands, and OGC lost 2.56 per cent, on trade of 3.8 million shares.

Among banking shares, STB and VCB lost 5.26 per cent and 3.94 per cent, respectively, while MBB fell 1.90 per cent, CTG 1.60 per cent, EIB 0.98 per cent, and BID 0.71 per cent.

Strong selling by foreign investors also took the market downwards, with net selling of VND301 billion ($13.38 million), or almost double the sales yesterday. Strong selling was seen for STB, with some 1.7 million shares being sold, pushing it down 5.26 per cent, HAG, with some 1.3 million shares sold and down 1.68 per cent, and SSI, with some 1.2 million shares sold and down 2.16 per cent.

The VN-Index closed 8.95 points, or 1.56 per cent, lower, at 565.20 points, with 56 shares increasing and 165 decreasing.

Liquidity was a problem, with the two markets seeing VNDD2.2 trillion ($97.85 million) in shares changing hands, in which matching orders on HSX totaled some VND1.4 trillion ($62.27 million) and on HNX some VND425 billion ($18.9 million). Both are lower than yesterday’s result.

After almost reaching its ceiling yesterday, VNM today headed downwards, losing 1.60 per cent against its opening price on trade of 470,630 shares, or only half of yesterday’s trade.

KDC suffered from strong selling by foreign investors, totaling half a million shares, but with total trade reaching 2 million shares it closed 1.08 per cent higher than its opening price.

Large cap oil and gas shares fell sharply, with GAS down 1.53 per cent, PVD 3.33 per cent, and CNG 3.03 per cent.

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