Monday, June 24, 2024 10:30:30 PM - Markets open
VN-INDEX 1,254.12 -27.90/-2.18%
HNX-INDEX 239.74 -4.63/-1.89%
UPCOM-INDEX 99.06 -1.53/-1.52%
Market plunges, HOSE's value evaporates $10 billion
Vietnam News - 4/16/2024 12:25:08 PM
 (0 ratings. You must sign in to rate.)
 Việt Nam’s stock market unexpectedly plummeted on Monday amid growing investors’ anxiety over volatility in both domestic and international markets.
 
The market capitalisation on the Hồ Chí Minh Stock Exchange shrank by VNĐ244 trillion (about US$10 billion) to reach nearly VNĐ5 quadrillion ($200 billion) as the benchmark VN-Index lost almost 60 points, or 4.7 per cent, to close at 1,216 points. This marked the sharpest decline in the index score in nearly two years since May 12, 2022.
 
On the Hà Nội Stock Exchange, the HNX-Index also decreased by 4.8 per cent to end the day at 229.71 points.
 
The market condition was pessimistic with 647 stocks sinking, 157 of which hit the floor price, while only 75 increased.
 
Liquidity grew significantly with the put-through trading value reaching over one billion shares worth VNĐ24 trillion on the HCM City’s exchange while those numbers in Hà Nội’s market were 164 million shares and VNĐ3.5 trillion.
 
According to Nguyễn Thế Minh, director of Yuanta Vietnam Securities Co.’s analysis department, the risk of a decline appeared since the beginning of April, but such a big shock on Monday caught investors by surprise.
 
Minh noted that the Israel-Iran conflict had global repercussions, impacting the Vietnamese stock market. However, he emphasised that the reaction level would likely be less significant, given Israel's restrained response, which has diminished the risk of the conflict escalating further.
 
Domestically, Minh has warned of rising exchange rates' inflationary pressure, hinting at potential interest rate hikes by the State Bank of Vietnam to stabilise liquidity. Decreasing market liquidity, coupled with cautious investor sentiment, compounds market instability.
 
He predicted the VN-Index may dip to 1,200-1,210 points. Despite a sudden drop, Yuanta’s expert expected bottom-fishing investors to enter the market soon, attracted by stocks' appeal amid difficulties in other investment channels and a large awaiting cash flow.
 
"VN-Index is unlikely to drop below 1,200 points as the risk isn't significant enough to prompt such a deep downward trend. For investors still holding stocks without margin pressure, selling off isn't advisable. Those with ample cash reserves should wait for the 1,200-1,210 range to explore buying opportunities cautiously," Minh was quoted on antt.nguoiduatin.vn.
 
Regarding trades by foreign investors, the sector saw consistent net selling of nearly VNĐ1.3 trillion in HCM City’s market, with selling focused on Vinhomes (VHM) with net sell value of nearly VNĐ268.5 billion, Vietinbank (CTG) with VNĐ208 billion, Saigon Securities (SSI) worth VNĐ83.7 billion, and Vinamilk (VNM) worth VNĐ73 billion.
 
Conversely, foreign investors net purchased nearly VNĐ56 billion on the Hà Nội’s exchange. — VNS
 
Read original article here
Newer News
14:13 Stock market awaits support factors for breakthrough
15/06 Market experiences sharp decline while liquidity hits three-week high
10/06 Uptrend likely to continue this week: experts
10/06 Surge in newly opened securities accounts recorded in May
27/05 Market likely to continue volatility this week
25/05 Market plummets as liquidity surges to eight-week high
08/05 Positive investment opportunities in Vietnamese stocks with potential Fed rate reduction
08/05 VN adds over 110,000 new securities accounts in April, bringing total to 7.7 million
06/05 Cautious rise amid low supply and cash flow, investors advised to monitor resistance area
02/05 Market likely to face some fluctuations
Older News
16/04 VN anticipates market impact as KRX stock trading system launches
10/04 Banks and oil stocks endure a tough day, leaving with market volatility
05/04 Oil stocks see bright prospect amid rising prices
05/04 HoSE's stock market capitalisation in March rises by 3.1% compared to February
03/04 Stocks rebound as cash flow surges into large-cap shares
23/03 Shares sustain gains on strong investor confidence
20/03 Vietnamese securities companies race to boost capital amid high market demand
19/03 Large-caps pressured as increased profit-taking drives share decline
18/03 Market likely to be affected by Fed's meeting this week
18/03 Investors show strong interest in dividends at annual shareholders' meetings
 
Newsletter Signup
Top Stories
Surge in newly opened securities accounts recorded in May
VN adds over 110,000 new securities accounts in April, bringing total to 7.7 million
Cautious rise amid low supply and cash flow, investors advised to monitor resistance area
Interest rates to rise but not have major impact on stock market: economist
Businesses concerned about rising exchange rate pressure
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,254.12 -27.90/-2.18%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.