VIC and VHM reversed course and fell sharply.

SGGPO August 17, 2023 16:04

During this derivatives expiration session, the market was awash in red. The number of declining stocks was more than double the number of rising stocks, with the three Vingroup stocks (VIC, VHM, VRE) reversing sharply and dragging the VN-Index down by nearly 10 points.

Vingroup's stock reversed course and fell sharply on August 17th.

On August 17th, the Vietnamese stock market saw a significant influx of capital into securities stocks, driven by positive signals related to the implementation of the KRX system. Many stocks surged strongly during this period. Although prices cooled down by the end of the session, most still saw gains. Some stocks maintained strong gains, including SSI (up 3.8%), VDS (up 2.9%), FTS (up 1.9%), and AGR (up 1.23%).

Meanwhile, major sectors such as banking, real estate, and oil and gas all experienced sharp declines. For the real estate sector, after hitting the ceiling price due to the VinFast listing on the US stock exchange in the previous trading session, VIC reversed course and fell nearly 5% in this session due to strong selling pressure. In addition, VHM also fell 3.02% and VRE fell 2.86%, contributing to the sharp drop in the VN-Index. Besides the Vingroup trio, many other stocks also fell sharply, such as: LDG hitting the floor price after its leaders secretly sold shares and were delisted in the previous trading session; DIG also fell 2.46%; HDC fell 1.88%; DXG fell 2.41%; CII fell 1.57%; and IDC fell 1.24%.

The group of major banks leaned heavily into the red, with VPB falling 1.12%, TCB down 1.7%, STB down 1.67%, and BID, MBB,ACB , and SSB all down nearly 1%. Only VCB, CTG, and VIB managed to stay in the green, but their gains were less than 1%.

At the close of trading, the VN-Index fell 9.78 points (0.79%) to 1,233.48 points, with 150 stocks rising, 320 falling, and 56 remaining unchanged. On the Hanoi Stock Exchange, the HNX-Index also decreased by 2.59 points (1.03%) to 249.97 points, with 132 stocks falling, 64 rising, and 54 remaining unchanged. Liquidity increased sharply, with the total trading value across the market exceeding 28,500 billion VND.

Foreign investors continued their net selling streak for the fifth consecutive session on the HOSE exchange, with a total net selling value of nearly 110 billion VND.

Source