ANTD.VN - Many investors placed sell orders at all costs when the market plunged, causing the VN-Index to close the morning session with a decrease of more than 44 points.
The stock market's performance this morning was quite surprising to investors as the market plummeted right from the start of the session. Selling pressure increased across the board, especially in the bluechip group, leaving the market without support. In less than an hour of trading, the VN-Index lost about 46 points.
Particularly noteworthy is the Vin group of stocks, when all three codes VIC, VHM and VRE were quickly pulled to the floor price. Of which, VHM was sold off very strongly when the morning session ended, with more than 30 million units placed for sale at the floor price, more than 5 million units matched and more than 25 million units remaining for sale. VHM was also the stock that was sold off the most by foreign investors, in more than 5 million matched orders, almost all of the supply came from this group.
VIC also has more than 7 million units matched and more than 4.3 million units remaining for sale at the floor price...
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The stock market fell sharply this morning. |
In another development related to Vingroup, Bloomberg reported that Vingroup is offering USD-denominated convertible bonds worth USD 300 million, maturing in 2028.
Specifically, Vingroup will be provided with a base amount of 250 million USD with an option to increase by 50 million USD on the same day. The interest rate can fluctuate from 9.5% to 10%/year, paid quarterly. In particular, the bonds can be converted into shares of Vinhomes Joint Stock Company (stock code: VHM). The conversion price can be from 51,635 VND to 53,880 VND per share.
Vingroup plans to use part of the proceeds to buy back existing bonds. The group has offered to buy back $500 million worth of convertible bonds with a coupon of 3%, maturing in 2026.
Vingroup has also just announced its Q3/2023 financial statements with revenue of up to VND47,948 billion, an increase of 66.5% over the same period last year and the highest level ever. However, this enterprise's pre-tax profit decreased by nearly 15%, reaching VND4,475 billion.
Accumulated in the first 9 months of the year, total consolidated net revenue reached VND 134,207 billion, up 122% over the same period last year, mainly due to the handover of low-rise real estate units at Vinhomes Ocean Park 2,3 project as well as strong growth in electric vehicle sales revenue compared to the same period last year...
Consolidated pre-tax profit in the first 9 months of 2023 reached VND 12,375 billion, up 42% over the same period in 2022
At Vinhomes, total consolidated net revenue in the third quarter reached VND32,700 billion, up 84% over the same period in 2022, however, profit after tax decreased by 26% compared to the third quarter of 2022, down to VND10,723 billion.
Returning to the stock market, the morning session was paused, VN-Index decreased by 44.62 points (-4.05%) to 1,057.04 points. On the HOSE floor, only 18 stocks maintained green, while more than 500 stocks decreased, of which 48 stocks decreased by the full amplitude. All 30 stocks in the VN30 basket today had no stocks increasing.
Similarly, the HNX-Index also fell sharply by 11.66 points (-5.14%) to 215.35 points. The UPCoM-Index fell by 2.84 points (-3.32%) to 82.74 points.
Notably, liquidity this morning also skyrocketed with more than 16,500 billion VND traded, foreign investors net sold more than 300 billion VND.
In the afternoon session, the market did not have any more positive developments. In a new information, Vingroup representative confirmed the completion of the transaction of offering 250 million USD of international bonds.
Regarding the foreign investors' push to sell VHM shares, Vingroup said that on the morning of October 26, some international investors participating in Vingroup's transaction to issue convertible bonds sold Vinhomes shares to complete the bond investment transaction (hedging). This is a hedging sale between investors with a limited quantity, and Vinhomes does not issue new shares, so there is no dilution.
Convertible bond investors have also found buyers for the majority of the shares they need to sell, so the impact on the market is assessed to be short-term and insignificant.
However, efforts to narrow the market's decline were unsuccessful. The trio of stocks VIC, VHM and VRE still hit the floor at the end of the session, with foreign investors net selling nearly 5.7 million VHM shares.
At the end of the session, VN-Index even widened its decline to 46.21 points (-4.19%), down to 1,055.45 points. On the HOSE floor today, 505 stocks decreased, only 24 stocks increased.
Similarly, the HNX-Index decreased by 12.03 points (-5.3%) to 214.98 points. The HNX floor had 185 stocks decreasing and 20 stocks increasing.
UPCoM-Index decreased 2.78 points (-3.25%) to 82.79 points.
Liquidity today skyrocketed with over VND26,500 billion traded on the three exchanges, of which HOSE alone was over VND23,200 billion. Foreign investors narrowed their net selling to nearly VND48 billion on the three exchanges, of which net selling on HOSE was over VND100 billion while net buying on HNX and UPCoM.
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