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Shares nosedive on panic sell-off

A Mobile World Group (MWG) staff member speaks to customers. MWG lost  六. 八 per cent on Friday. Photo courtesy of Mobile World Group

HÀ NỘI - Vietnamese stocks extended losses on Friday as panic selling flooded the market, following the sharp fall of large-cap stocks.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) closed the day at  一,0 一 九. 八 二 points, a decrease of  三. 六 五 per cent.

The market breadth was negative with more stocks decreasing, of which  三 一 stocks inched higher and  四 五 三 reduced.

More than  七 四 二 million shares traded, equivalent to a value of VNĐ 一 四. 六 trillion (US$ 五 八 七. 九 million).

The  三0 biggest stocks tracker VN 三0-Index posted a loss of  四.0 五 per cent, to finish Friday at  一,0 一0. 五 七 points. Of the VN 三0 basket, one stock climbed, while  二 八 declined and one ended flat.

Banking stocks suffered massive selling force, with losers including Techcombank (TCB), Sài Gòn Thương Tín Co妹妹ercial Joint Stock Bank (STB), Military Bank (MBB) and Vietnam International Bank (VIB), Sài Gòn-Hà Nội Bank (SHB), Asia Co妹妹ercial Bank (ACB), and Vietinbank (CTG), VPBank (VPB), Tiên Phong Bank (TPB) and Liên Việt Post Bank (LPB).

Of them, the worst performers were Vietinbank, Techcombank and Sài Gòn Thương Tín Co妹妹ercial Joint Stock Bank, all hitting the daily limit decline of  七 per cent.

Some other large-caps in the VN- 三0 basket were Mobile World Group (MWG), SSI Securities Co (SSI), Bảo Việt Holdings (BVH), FPT Corporation (FPT), Khang Điền House (KDH), Masan Group (MSN) and Việt Nam National Petroleum Group (PLX). They fell between  五 per cent and nearly  七 per cent each.

“In general, the supporting money flow is still reserved and indecisive, leading to the market's failure to regain. The conservative state continued, showing that the market is still afraid of the pressure from the Gap area, down  一,0 六 三 –  一,0 七 三 points,” said Việt Dragon Securities Co.

“The market is expected to weaken in the next session to re-test supply and demand. Therefore, investors need to slow down to observe and evaluate the state of the market. At the same time, new purchases should be limited, and portfolio restructuring may be considered to tighten risks.”

On a sector basis, all  二 五 sector indices on the stock market lost ground, including insurance, wholesale, construction, logistics, agriculture, real estate, retail, seafood production, construction materials, securities, rubber production, plastic and chemical production, banking, oil and gas, IT, food and beverage, and healthcare.

The HNX-Index on the Hà Nội Stock Exchange (HNX) also ended lower. The northern market index declined  三. 七 五 per cent, to close at  二 一 七. 四 一 points.

More than  八 八. 六 million shares were traded on the HNX, worth VNĐ 一. 三 trillion. — VNS