Bank stocks plunge after news of interest rate cut

SGGPO 05/24/2023 17:11

Investors expected the stock market to rebound after the State Bank cut interest rates for the third time like the previous two times, but the VN-Index fell. In particular, the group of bank stocks turned sharply down, putting pressure on the index.

Banking stocks "on fire" after interest rate cut news

The stock market in the trading session on May 25 appeared red right from the opening session due to cautious trading by investors.

Notably, after the information about the interest rate reduction, the group of banking stocks turned around and decreased sharply such as: TCB decreased by 1.81%, STB decreased by 1.97%, VIB decreased by 1.41%, LPB decreased by 1.07%, MSB decreased by 1.23%... The group of securities stocks was differentiated. Many stocks increased quite well such as BSI increased to the ceiling, FTS increased by 5.76%, CTS increased by 6.15%, ORS increased by 3.31% but SSI decreased by 0.66%, VND decreased by 2.13%, HCM decreased by 1.31%...

While the banking stocks group was "on fire", the real estate and industrial park real estate groups attracted cash flow, causing many stocks to increase strongly. For example: ITA hit the ceiling, VHM increased by 1.49%, DIG increased by 1.21%, HHV increased by 1.45%, CII increased by 2.46%, LCG increased by 3.09%, KHG increased by 3.62%, TIP increased by 2.01%...

At the end of the trading session, VN-Index decreased by 4.06 points (0.38%) to 1,061.79 points with 215 stocks decreasing, 168 stocks increasing and 55 stocks remaining unchanged. At the end of the session on the Hanoi Stock Exchange, HNX-Index increased slightly by 0.17 points (0.08%) to 215.96 points with 78 stocks increasing, 87 stocks decreasing and 68 stocks remaining unchanged. Market liquidity remained at a fairly good level with a total transaction value on the two official exchanges of about VND15,300 billion.

In this trading session, foreign investors continued to net sell strongly with nearly 570 billion VND on the HoSE floor.

Regarding FLC stock trading, on May 24, Hanoi Stock Exchange (HNX) informed that FLC stock trading continues to be suspended.

Previously, on May 22, HNX issued Decision No. 473/QD-SGDHN on restricting trading of FLC shares of FLC Group Joint Stock Company from May 25, citing the reason that the organization registering for trading was late in submitting its audited financial statements for 2022 more than 45 days from the deadline for information disclosure as prescribed. At the same time, FLC shares are still suspended from trading according to Decision No. 79/QD-SGDHN dated February 24, 2023 of the Hanoi Stock Exchange. Therefore, HNX said that FLC shares will continue to be suspended from trading.

According to FLC Group Joint Stock Company, the company has more than 64,700 shareholders. Previously, in order to protect investors' rights, the Ho Chi Minh City Stock Exchange (HoSE) decided to delist nearly 710 million shares of FLC Group on HoSE from February 20, 2023. After that, the Vietnam Securities Depository Center transferred FLC stock registration and depository data to the UPCOM market from February 22, 2023.

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