Stock market drops to record low, VN-Index 'slips' more than 94 points

On all three floors, there were 150 codes with the largest decrease and 536 codes with price decrease. (Photo: Vietnam+) — On all three floors, there were 150 codes with the largest decrease and 536 codes with price reduction. Photo: Vietnam+

On October 20, the stock market witnessed a panic trading session, with selling pressure overwhelming most industry groups.

The market was cautious in the early morning as supply dominated. The gloomy atmosphere persisted throughout the morning and in the afternoon, selling pressure suddenly increased and spread rapidly across the market. On all three exchanges, 150 stocks fell by the most and 536 stocks decreased in price.

At the end of the session, VN-Index lost 94.76 points and reached 1,636.43 points. In particular, VN30 "evaporated" 106.28 points and reached 1,870.86 points. In the same trend, HNX-Index also lost 13.09 points, reaching 263.02 points. The total trading value in the market reached 58,856 billion VND, with the volume of securities transferred being over 1.96 billion units.

VN-Index fell sharply by nearly 95 points.

Today, foreign investors continued to net sell 2,152 billion VND, of which they sold a total of 6,751 billion VND and bought 4,599 billion VND.

In the market, only the telecommunications service industry group "reversed the trend" and increased with a capitalization increase of 3.68%. The rest of the industry groups were all in red.

For example, financial services and consumer services stocks fell sharply by over 6% in capitalization value. In addition, most of the market fell by 4-5% or less in capitalization value, in which the stocks that had the biggest influence on the decline of the VN-Index were VIC, VHM, VCB, TCB, BID, etc.

Regarding today's session, Pham Tuyen, Brokerage Director of KIS Vietnam Securities Company, shared that the stock market started to panic from the afternoon session with a series of active sell orders, causing the VN-Index to fall deeper and faster. Many stocks in the pillar group, banking and securities groups (previously trading normally, even some green stocks) also turned around and fell to the floor in series.

“It is not yet possible to explain why the market fell so deeply and hit the floor price so heavily as in today's session,” Mr. Tuyen said.

Mr. Tuyen emphasized that the global stock market has increased and continuously exceeded its peak (typically the Japanese and US markets), while the Vietnamese stock market has just been upgraded and its growth is completely within the expectations of investors. However, after the announcement of the conclusion of the Government Inspectorate on corporate bond mobilization activities, the market has been filled with false rumors, causing confusion for investors.

“This may be the reason why investors sold off, causing the market to fluctuate during the session. The market sold off mainly due to unfounded rumors, investors should consider avoiding selling stocks at all costs. In addition, increasing the proportion at the present time can also be considered with a safe ratio, in which choosing stocks of enterprises with good business results in the third quarter,” said Mr. Tuyen.

According to VNA

Source: https://baohaiphong.vn/thi-truong-chung-khoan-giam-ky-luc-vn-index-tuot-tay-hon-94-diem-524122.html