Vietnamese stocks witnessed a broad-based sell-off, with the market plunging into the red. The VN-Index witnessed a sharp drop of over 30 points as investors locked in profits after a strong rally. However, post the lunch break, the benchmark index narrowed its losses as large-cap stocks in the VN30 group turned positive.
Banking stocks continued to be the market’s backbone, along with a rebound in the Vingroup trio. VIC and VHM, the two most actively traded stocks, contributed over 10 points to the index, each surging more than 5%.
VN-Index ended the session in the green, surging over 10 points led by banking stocks.
Among banking stocks, LPB, VPB, and VIB hit the daily limit-up. VPB has been on a streak, marking new highs with three consecutive limit-up sessions, currently trading at VND36,550 per share. As the stock soared, VPBank announced a transaction by individuals related to the bank’s leadership. The two daughters of VPBank’s Vice Chairman, Bui Hai Quan, registered to purchase 40 million VPB shares, pushing their family’s ownership in the bank close to 2.5%.
Meanwhile, facing widespread profit-taking pressure, several banking stocks like BID, SHB, MBB, ACB, VCB, and HDB witnessed corrections. Banking stocks had been on a strong upward trajectory recently. Hanoi Securities Corporation (SHS) recently registered to sell 20 million SHB shares from August 21 to September 17 via matched orders.
The sale of SHB shares by SHS comes amid a sharp surge in the stock’s price over the last month. In early July, the share price was above VND11,000, and on August 15, it touched VND20,850 per share.
While the real estate group was engulfed in red, KBC stood out with its third consecutive limit-up session. In the oil and gas sector, BSR attracted attention by maintaining its upward momentum, ending at the daily limit-up. BSR was among the few stocks that traded positively in today’s mixed session.
The VN-Index climbed 10.16 points (0.61%) to 1,664.36, while the HNX-Index fell 2.72 points (0.95%) to 283.73. The UPCoM-Index dipped marginally by 0.09% to 109.68. Liquidity surged amid heavy selling pressure, with the trading value on HoSE exceeding VND68 trillion. Foreign investors net sold VND241 billion, focusing on VPB, FPT, CII, VND, HPG, and GEX.
What Stock Ticker Was the Focus of Prop Trading by Securities Companies on August 21st?
The proprietary trading arms of securities companies continued their net buying streak on the HoSE, with a value of VND 316 billion.
Stock Market Update for August 22: Stocks Set for Volatile Session
The August 21st session witnessed a distinct shift in focus towards large-cap stocks, indicating a clear differentiation in cash flow. With this strategic shift, the stock market session on August 22nd is expected to be full of surprises and unpredictable twists.
The Bank Stock Blues
The domestic stock market ended the week with a significant drop in the VN-Index, the largest decline seen this month, shedding over 42 points. This development comes on the back of a heated rally in previous sessions, particularly in the banking sector.
MBS: Short-Term Adjustment Risks Rise, VN-Index May Retreat Below 1,600 Points by Late August
The market may enter a phase where “the index goes one way, and the portfolio another.” MBS observes this dichotomy amid record-high liquidity and substantial gains in leading stock sectors.
‘Hot’ Rumor-Driven Surge in Bank Stock Ahead of Alleged IPO
The VN-Index soared to new heights today, reaching a peak of 1,654 points. This remarkable surge was fueled by the strong performance of large-cap stocks, particularly the banking sector. VPB stood out with an impressive ceiling-high increase, while HDB also witnessed significant upward momentum during the trading day.
