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Steel shares plummeted

HPG shares sometimes fell to the floor immediately after the company’s annual meeting ended, other steel codes also fell deeply.

The market opened today in the red, following the drop of the first session of the week. The trading trend has not changed much, with caution coming from both sides. The buyers only actively participated in the low price area, did not push the price or buy chasing, and the sellers were not determined to sell at all costs. VN-Index fluctuated around reference until the end of morning session.

In the afternoon session, the trading range was widened. Selling pressure increased faster from 13:20, causing the index representing HoSE to drop back to nearly 1,200 points at some point. Notable groups such as banking, real estate, and retail all retreated deeply, especially steel stocks fell sharply. His share Tran Dinh Long, Chairman of Hoa Phat Group, at the annual meeting this morning about the difficult prospect of the steel industry made many investors worried. The selling pressure made HPG, HSG, and NKG hit the floor price.

However, when many stocks dropped deeply, bottom-fishing cash flow became more active. The market bounced up after ATC when the buying force swept strongly at the low price area. VN-Index closed up again nearly 15 points (1.2%) to 1,233.38 points. VN30-Index increased more than 17 points (1.38%) to over 1,272 points. On HNX, HNX-Index gained more than 1.7%, while UPCOM-Index closed below reference.

VN-Index bounced up after ATC session on May 24, closing the session up nearly 15 points.  Photo: VNDirect

VN-Index bounced up after ATC session on May 24, closing the session up nearly 15 points. Image: VNDirect

Since the traction was mainly large-cap stocks, green was not overwhelming. The number of gainers and losers on HoSE kept balance at the end of the session. Meanwhile, for blue-chips, 26/30 VN30 stocks closed in a bullish state.

Financial stocks, with securities and banking sectors, led the uptrend at the end of the session. STB closed the session with a dramatic increase to the ceiling even though there was a time when it traded below reference. CTG increased by 4%, TPB increased by 3%, VPB, MBB increased by over 2%. For securities stocks, SSI closed up 6%, green was also the dominant color of key codes in this group, such as HCM, VCI, VND, MBS, BVS, FTS.

The real estate group was divided with many strong gainers. CEO hit the ceiling, DIG added 6%, NLG, CII, SCR closed in the green. On the contrary, HQC, QCG closed below reference. Construction and seafood stocks traded actively.

In the opposite direction, the group of steel stocks fluctuated the most. HPG, NKG, HSG kept in green at the opening but all plunged in the early afternoon session. All three key codes of the steel group had a period of time when they fell to the floor before contracting partially at the end of the session. At the close, HPG, NKG lost more than 5%, HSG lost 4.5%.

Market liquidity is comparable to the recent average, with trading value on HoSE reaching over VND13,400 billion. Foreign investors returned to be net buyers with the scale of nearly 200 billion dong.

Minh Son

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