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Stocks are red again

436 stocks closed below reference, of which nearly half hit the floor, causing VN-Index to drop 56 points and lose the psychological level of 1,200 points.

According to many securities companies, the number of bottom-fishing stocks in the session of May 10, plus the fear of new disbursement after yesterday’s strong fluctuations, made the risk of decline in today’s session even more obvious.

The fact that at the opening, selling pressure appeared and gradually increased throughout the session, causing VN-Index to continuously widen its decreasing range. The index representing the Ho Chi Minh Stock Exchange struggled around 1,220-1,230 points in the morning session, which is a loss of 20-30 points compared to reference. Holders sold out drastically from the beginning of the afternoon, causing the index to plunge vertically, at the close, it lost 56 points, down to 1,182.77 points.

The number of stocks that dropped completely overwhelmed with nearly 440 stocks, of which 197 stocks lost all band. The VN30 basket initially kept in green but at the end of the session reversed and closed with 28 losers, of which 7 hit the floor: BVH, GVR, KDH, MSN, POW, TCB and STB.

The 10 stocks that have the most negative impact on the VN-Index are all in the large-cap basket, in which VCB is the leader. On the other hand, VJC was alone against the market with an increase of 0.9%.

Disbursed cash flow at low prices appeared, reflected in the increase in liquidity to the highest level in half a month, reaching VND 20,365 billion but still could not win against sellers. HPG attracted the most money when the transaction value reached VND 1,600 billion even though the market price lost more than 6%. SSI, DIG, and VPB ranked next in this list, but the matching order of each code was no more than 650 billion dong.

For the whole week, VN-Index had two gaining sessions and three strong dropping sessions with a margin of over 4.5%. The index representing the Ho Chi Minh Stock Exchange lost 147 points compared to the end of last week, to the lowest price range since March last year.

This week’s correction far outstrips any of the most pessimistic scenarios offered by analysts. At the beginning of the week, some experts recommended that investors stay outside to observe the market and avoid bottom fishing because they think that VN-Index will fall from 1,330 points to 1,300 points and then recover gradually.


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