Except for HDB, which kept the reference, all banking stocks listed on the Ho Chi Minh Stock Exchange (HoSE) dropped, causing the VN-Index to plunge for the second consecutive session.
On the evening of May 24, the State Bank reduced the operating interest rate for the third time this year. This move, according to Yuanta Securities Vietnam Company, has a positive impact on borrowers, reducing the cost of capital and the pressure of provisioning. As a result, bank stock prices can go up.
However, today's trading session did not reflect this expectation. Bank stocks gained in the first minutes of the session, then simultaneously reversed to below reference. 1% is a common drop for this group today.
STB is the only code with a decrease of over 2%, in the list of 10 stocks with the most negative impact on the market. This list includes 4 other representatives of the banking group, including TCB (-1,8%), BID (-0,8%), VPB (-0,8%) and VCB (-0,2%).
The price fell, but the cash flow into the financial - banking group increased sharply compared to the previous sessions. Today, this group sucked about 4.400 billion dong, equivalent to 31% of the total trading value of the whole market. STB ranked second on Ho Chi Minh Stock Exchange in terms of matched value with 600 billion dong, followed by SHB and ACB.
The plunge of banking group was the main reason that made VN-Index dropped 4 points, close to 1.060 points, extending the losing streak for two consecutive sessions. The index representing the VN30 basket, where many leading banking stocks are concentrated, dropped more sharply with nearly 7 points.
Market liquidity today reached 13.770 billion dong, the highest level in the past one and a half months. Foreign investors had a series of net selling for 3 consecutive sessions with a selling value of 1.170 billion dong, while buying 600 billion dong. HPG was under the strongest selling pressure when the net selling value was over 133 billion VND, followed by VNM and VND.
Eastern
