FLC shares continued to be sold off, VN-Index dropped slightly

The stock market opened the session on March 30 with red covering. VN-Index at one point exceeded 1,500 points thanks to the pull from the banking group. However, the supply was still quite strong so the index could not break out and quickly “cool down”.

Continuing the negative information from the incident of the Chairman of the Board of Directors of Group Joint Stock Company FLC Trinh Van Quyet was arrested last night (March 29), FLC ecosystem stocks continued to be sold off strongly. At the opening of the session, all codes in this ecosystem plunged to the floor price.

In which, 2 key stocks, FLC, fell to the floor price of 11,800 dong with a surplus of over 75 million shares at the floor price. FLC Faros (ROS) stock fell all the way to 7,590 dong with nearly 60 million shares traded on the floor.

However, the negative movements of FLC Group did not spread to the market, VN-Index still performed positively when it revolved around the reference level.

This morning session, most small and medium-cap codes were under strong correction pressure, many real estate and construction codes such as DIG, CEO, LDG, L14, NLG, VHM, PDR, NBB, HQC KBC, LCG … all reduced points.

Oil, gas and fertilizer stocks also had not very positive transactions, even SFG, DCM, BFC, DPM had “touched” the floor price at some point.

Meanwhile, banking codes played a supporting role for the market as they contributed 8 out of 10 stocks with the biggest impact on the index. In which, BID suddenly increased strongly by 3.8% to 44,000 VND as the largest contributor, followed by MBB with 3.3% increase and VPB with 2.2% increase.

Pausing the morning session, the VN-Index dropped 2.8 points (0.19%) to 1,494.96 points. The market was in the red as only 135 stocks gained and 315 stocks declined.

On the exchanges in Hanoi, HNX-Index plummeted 1.13% to 456.01 points and UPCom-Index decreased by 0.29% to 117.03 points.

The liquidity of the whole market was at an average level with a trading value of about VND 20,000 billion.

Foreign investors are currently net buyers on all 3 exchanges with a total value of more than 100 billion dong, buying power focused on stocks like DGC, FUEVFVND, DXG, HDB…

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