Strong selling of bank stocks, VN-Index drops more than 13 points

Strong selling pressure from STB and VHM triggered sell orders in many large-cap stocks on the market during the October 24th trading session.

VHM was the stock with the most negative impact on the VN-Index, deducting 3.31 points.

After gaining just over 1 point on October 23rd, investor sentiment remained cautious entering the trading session on October 24th. This resulted in a volatile market. After a few minutes of gains, the VN-Index reversed course and fell below the reference level. There was significant divergence among different stock sectors.

Trading worsened in the afternoon session as a series of stock sectors plummeted, with the banking sector and the "Vin" group being the most affected.

For most of the trading session, stocks in the "Vin" group (VHM) put pressure on the overall market. This was also the second consecutive session of sharp declines for VHM, despite the company starting its share buyback program yesterday, October 23rd. For most of the trading session, the "Vin" group of stocks, including VHM, VIC, and VRE, traded in the red with some buying support. However, due to strong selling pressure towards the end of the session, all three stocks closed at their lowest levels of the day. VHM fell by 6.7% to 43,850 VND/share, VRE fell by 2.7% to 18,150 VND/share, and VIC fell by 2.66% to 42,050 VND/share.

According to the latest update on the Ho Chi Minh City Stock Exchange (HoSE), Vinhomes has purchased a total of over 19.1 million treasury shares, accounting for 5.17% of the total registered quantity. According to the plan, Vinhomes will repurchase a maximum of 370 million treasury shares (accounting for 8.5% of the total outstanding shares) through order matching and/or negotiated transactions from October 23rd to November 21st, 2024.

Furthermore, the market experienced a sharp decline, heavily pressured by banking stocks, with STB being the "culprit" triggering strong selling pressure in this sector. STB closed at its lowest point of the session, down 6.7% to just 33,400 VND per share. In addition, other banking stocks such as TPB, TCB, VPB, MBB,ACB , etc., also saw declines of over 1%. TPB fell by 3.4%, TCB by 2.3%, VPB by 2.2%, and so on.

VHM was the stock with the most negative impact on the VN-Index, deducting 3.31 points. Following that, STB and VIC deducted 1.09 points and 1.06 points respectively.

VHM is the stock that has had the most negative impact on the VN-Index.

In the mid- and small-cap stock group, a series of securities stocks such as FTS, CTS, SHS, HCM, MBS, and VCI all fell sharply. FTS dropped by 3.1%, CTS by 2.8%, HCM by 2.4%, and MBS by 2.4%... The retail sector also saw PET, DGW, MWG, and FRT sink into the red. PET fell by 4.6%, and DGW continued to decline by 1.4%...

Conversely, VNM, VCB, GAS, andFPT were significant contributors to balancing the index, with VNM rising 1.63% and making the largest contribution to the VN-Index with 0.56 points. VCB and KDH increased by 0.22% and 1.05% respectively, contributing 0.27 points and 0.08 points.

At the close of trading, the VN-Index fell 13.49 points (-1.06%) to 1,257.41 points. Across the entire exchange, there were 102 gainers, 284 losers, and 52 stocks unchanged. The HNX-Index fell 1.81 points (-0.8%) to 224.69 points. Across the entire exchange, there were 56 gainers, 95 losers, and 57 stocks unchanged. The UPCoM-Index fell 0.06 points (-0.07%) to 92.06 points.

Foreign investors returned to net selling after yesterday's slight buying session.

Total trading volume on HoSE reached 673 million shares, equivalent to a trading value of VND 15,981 billion (a 14% increase compared to the previous session), of which block trades accounted for VND 1,897 billion. Trading values on HNX and UPCoM reached VND 650 billion and VND 355 billion respectively.

Foreign investors resumed net selling of VND 230 billion on the HoSE exchange, with the strongest net selling in HPG shares at VND 93 billion. VRE also saw net selling of VND 80 billion. STB and DGC experienced net selling of VND 60 billion and VND 56 billion respectively. Conversely, VPB saw the strongest net buying with VND 89 billion. FPT and VNM were also bought net with VND 70 billion and VND 68 billion respectively.

Source: https://baodautu.vn/ban-manh-co-phieu-ngan-hang-vn-index-giam-hon-13-diem-d228267.html