Bank stocks fall after announcement of interest rate ceiling cut

Except for HDB, which kept the reference price unchanged, all bank stocks listed on the Ho Chi Minh City Stock Exchange (HoSE) decreased in price, causing the VN-Index to plummet for the second consecutive session.

On the evening of May 24, the State Bank of Vietnam reduced its operating interest rate for the third time this year. According to Yuanta Vietnam Securities Company, this move has a positive impact on borrowers, reducing capital costs and provisioning pressure for banks. As a result, bank stock prices may increase.

However, today's trading session did not reflect this expectation. Bank stocks increased in price in the first minutes of the session, then reversed to below the reference. 1% was the common decrease for this group in today's session.

STB is the only stock with a decrease of over 2%, in the list of 10 stocks with the most negative impact on the market. This list also includes 4 other representatives of the banking group, including TCB (-1.8%), BID (-0.8%), VPB (-0.8%) and VCB (-0.2%).

Prices fell but cash flow into the finance and banking group increased sharply compared to previous sessions. Today, this group absorbed about VND4,400 billion, equivalent to 31% of the total transaction value of the entire market. STB ranked second on the Ho Chi Minh City Stock Exchange in terms of matched value with VND600 billion, followed by SHB and ACB.

The decline of the banking group was the main factor causing the VN-Index to fall 4 points, close to the 1,060 point mark, extending the decline for two consecutive sessions. The index representing the VN30 basket, which concentrates many leading banking stocks, fell more sharply, nearly 7 points.

Market liquidity today reached VND13,770 billion, the highest level in the past month and a half. Foreign investors had a net selling streak for 3 consecutive sessions with a selling value of VND1,170 billion, while buying VND600 billion. HPG was under the strongest selling pressure with a net selling value of more than VND133 billion, followed by VNM and VND.

Orient

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