Despite efforts to recover in the morning session, the stock market continued to decline sharply at the close of April 9, with the VN-Index falling below the 1,100-point threshold. At the end of the session, the VN-Index fell 38.49 points, or 3.4%, to 1,094.3 points, and the HNX-Index fell 8.47 points, or 4.21%, to 192.58 points. The number of stocks hitting the floor on the market increased to more than 200.
Stocks still fall sharply even though many businesses are not affected by the US reciprocal tax policy.
PHOTO: NHAT THINH
In particular, steel stocks such as HPG, HSG, NKG, SMC... all decreased by the full amplitude. This is the 4th consecutive session of this group of stocks hitting the floor. At the same time, securities stocks also fell into a state of strong selling to the floor such as SSI, VCI, VND, BVS, CTS, FTS, DSC, HCM, VIX... In particular, banking stocks had many codes recovering or only decreasing slightly such as LPB, NAB, BAB, OCB , SGB...
On the other hand, in addition to some banking stocks maintaining green, the trio of Vingroup stocks in the VN30 basket also contributed positively to helping the VN-Index slow down its decline. The three stocks VIC, VHM and VRE increased sharply from the beginning of the session and maintained their upward momentum. In general, bottom-fishing demand has increased but is still not enough to absorb the massive selling volume. Trading value remained high at over VND35,350 billion.
Many stocks were sold off heavily due to investors being too pessimistic about President Donald Trump's reciprocal tax policy which would impact business operations. However, there are businesses that do not export to the US market but their stocks were still sold off heavily, such as Masan 's MSN or CII of Ho Chi Minh City Infrastructure Investment Joint Stock Company. Masan's leaders said that the company mainly focuses on the domestic market. In all economic conditions, Masan provides essential products and services used by every Vietnamese family every day. This business model helps Masan to be less directly affected by the new US tariff policies. However, Masan's leadership has been actively monitoring the implementation of tax rates and the potential impacts on the consumer market in Vietnam.
Similarly, the leaders of Ho Chi Minh City Infrastructure Investment Joint Stock Company also spoke up to clarify the context, in order to avoid misunderstandings about the possibility of being affected by the new tax policy. According to CII, more than 95% of the company's current total investment capital is focused on the domestic infrastructure sector. These are purely domestic sectors, so they are completely outside the influence of import-export tax policies. Furthermore, CII does not have any loans in USD and in its upcoming capital mobilization plans, the company does not plan to use foreign currency loans.
Therefore, risks related to exchange rates or financial costs in USD do not affect the company at present or in the near future. CII's operations continue to be actively supported by the Government's orientation of synchronous infrastructure development and promoting public investment. For example, Hoang Anh Gia Lai also announced that it will not export to the US at all and the recent continuous increase in USD exchange rates has also brought positive results to export revenue because most of the company's input costs are paid in VND.
Experts also say that the market is overreacting and this is an opportunity to buy good stocks at low prices.
Source: https://thanhnien.vn/chung-khoan-tiep-tuc-giam-co-hoi-chon-co-phieu-tot-gia-mem-da-toi-185250409143342885.htm
Comment (0)