Stocks 'fell' sharply at the end of the session, Sacombank shares nearly hit the floor

Banking stocks were under strong selling pressure in the session of October 24. Sacombank 's STB shares fell nearly to the floor with a sharp increase in trading volume.

Stock market flooded with red on October 24

In the morning session of October 24, the stock market continued to fluctuate around the reference price with cautious sentiment. Active buying and selling pressure remained low.

Near the end of the morning session, demand weakened sharply, causing the VN-Index to lose 3 points, to 1,267 points. Liquidity decreased across the board, with real estate stocks putting pressure on the index.

After 2 p.m., the market took a turn for the worse, with red spreading widely. At the end of the session, VN-Index "fell" nearly 14 points. The breadth tilted to the negative side with nearly 440 stocks in red, 874 stocks standing still and 266 stocks maintaining green.

Banking and real estate stocks were the main "factors" affecting the market today. The real estate group lost 2.51%, while the banking group decreased by nearly 1.4%.

Notably, Sacombank's STB stock fell 6.7%, almost hitting the floor at the end of the session. Today's trading volume of STB also skyrocketed to over 32.1 million units, double the average level of the past year.

In addition to STB, CTG of Vietinbank, TCB of Techcombank, VPB of VPBank, MBB of MBBank, BID of BIDV, ACB ... all decreased points and pulled down the general index.

In the real estate group, the three stocks of the Vin family all decreased, in which VIC decreased by 2.26%, VHM decreased by 6.7% and VRE decreased by 2.68%. A series of other real estate stocks also decreased such as DXG (-2.11%), PDR (-1.43%), HDC (-1.46%), DIG (-1.43%), KBC (-1.7%)...

Recently, the exchange rate has been continuously increasing, the State Bank has had to withdraw money through the treasury bill channel, causing a psychological impact on the stock market. Looking back at the stock market's reaction each time the exchange rate increased sharply, this will be clearly seen.

According to experts, tensions from international fluctuations are putting pressure on the VND/USD exchange rate and interest rates in Vietnam, especially from the impact of monetary policies from the US, China and other major economies .

In particular, the USD Index (DXY), which measures the strength of the USD against a basket of major currencies, has a strong correlation with the VND/USD exchange rate, which has strengthened significantly recently.

This puts the policy-making body in a difficult position in maintaining the stability of the domestic currency. If the exchange rate continues to increase, it will lead to imported inflation, when the price of imported goods increases due to the depreciation of the VND.

In addition, the increase in exchange rate is also one of the main reasons for foreign net selling. Foreign investors have had 10 consecutive net selling sessions on the stock market, since October 11.

In the current context, investors need to be cautious and monitor the industries and businesses that are expected to benefit and those that are disadvantaged when exchange rates increase.

Source: https://tuoitre.vn/chung-khoan-roi-manh-cuoi-phien-co-phieu-sacombank-gan-cham-san-20241024152707548.htm