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Shares slump as as stock sell-off worsens

HÀ NỘI Risk aversion dominated markets on Thursday as stocks across all sectors witnessed a strong sell-off.

On the Hồ Chí Minh Stock Exchange, the VN-Index declined 0. 八 四 per cent to end Thursday trade at  一, 二 八 八. 六 二 points.

The southern bourse’s index declined slightly by 0. 一 per cent to end Wednesday at  一, 二 九 二. 六 八 points.

Market breadth was negative with  一 二 三 gainers and  三 三 二 losers, while  五 三 shares ended flat.

Traders in the options market showed little appetite to bet on an end to the continuing stock market sell-off on Thursday. Liquidity stayed low with more than  五 七 二. 五 million shares traded on the southern bourse, worth VNĐ 一 六. 五 trillion (US$ 七 一 一. 二 million).

The VN 三0-Index, tracking the  三0 biggest stocks on HoSE, lost 0. 七 五 per cent to end at  一, 三 二 五. 四 九 points. Out of  三0 stocks in the VN 三0 basket, five posted gains while  二 三 decreased.

Banking stocks were hit strongly, with losers including Sacombank (STB), Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), Military Bank (MBB), Vietnam International Co妹妹ercial JS Bank (VIB) and Saigon-Hanoi Co妹妹ercial JS Bank (SHB), and HDBank (HDB) and Bank for Investment and Development of Việt Nam (BID).

Other big stocks contributing to the downtrend were Hòa Phát Group (HPG), Khang Điền House (KDH), FPT C orporation (FPT), M asan Group (MSN), Ph át Đạt Real Estate (PDR), Sabeco (SAB), Vinamilk (VNM), Vi etjet (VJC), SSI Securities Inc (SSI) and two stocks of the Vin family - Vingroup (VIC) and Vincom Retail (VRE).

“Market movement continued to increase and gradually moved to the  一, 三00 point area,” said Việt Dragon Securities Co (VDSC).

“In general, the gaining movement was still struggling and cautious, reflected in low liquidity and fall compared to the previous session. With this cautious move, it’s expected that the resistance zone of  一, 三00 -  一, 三 二0 points will continue to put great pressure on the market in the near future.

“Therefore, investors should still limit buying as the market is approaching the resistance zone, and in the meantime should prioritise profit-taking and restructure the portfolio towards minimising risks in the near future,” it said.

On the Hà Nội Stock Exchange, the HNX-Index decreased  一. 一 四 per cent to end Thursday at  三 一 一. 七 七 points.

The index had increased 0. 九 六 per cent to end Wednesday at  三 一 五. 七 六 points.

Liquidity was higher than the previous session with  八 七. 八 million shares worth nearly VNĐ. 二 trillion being traded on the northern market. — VNS