Securities companies announced that the system was interrupted, investors could not place, edit or cancel orders from the beginning of the afternoon session on March 6.
The market suddenly plummeted in the late morning. Duy Anh (Cau Giay, Hanoi) placed an order to sell part of his portfolio after lunch break, but his order was repeatedly rejected.
Worried about network problems, Duy Anh switched from the company's wifi to using his phone's 4G, but the situation did not improve. He contacted the account manager, but on the third call, the person picked up and said "there was a problem with the trading system".
"Currently the connection is having difficulty, many securities companies are having the same problem, I hope you understand," Duy Anh's broker said, and said the technical department is trying to fix it.
Similarly, at the beginning of this afternoon's trading session, Mr. Le (Nam Tu Liem, Hanoi) could not place a buy order when the market was falling at Pinetree Securities Company - where he opened an account. This company then sent a notice to customers about the interruption of connection with the Ho Chi Minh City Stock Exchange (HoSE).
In a notice sent to investors at 1:46 p.m., FPT Securities Company (FPTS) said that the connection system with HoSE was interrupted, customers could not place orders, cancel or modify orders. "FPTS's technical department is coordinating with HoSE to fix the above situation," the notice said.
Notice of FPT Securities Company (FPTS) sent to investors at 13:46 on March 6. Photo: Minh Son
In addition to FPTS and Pinetree, many other securities companies also sent notifications via software or brokers to inform investors about this order congestion. They recommended that investors not place, cancel or modify orders until there is an updated notice.
The difficulty in placing orders lasted from the beginning of the afternoon session to today's ATC session, but gradually improved as trading time progressed. By 2 p.m., trading resumed at a slow pace at some units, but the difficulty in placing orders was still widespread.
The Ho Chi Minh City Stock Exchange (HoSE) confirmed this phenomenon. HoSE said it is coordinating with the system operation support service provider to check and determine the cause.
At around 2:30 p.m., some securities companies resumed trading, and investors said they could place orders normally.
HoSE representative has not commented on the cause of the incident and said they will inform as soon as the inspection results are available.
Previously, at the end of 2020, order congestion occurred. HoSE's trading system at that time often froze and was congested because the infrastructure was not enough to handle millions of orders per day, affecting investor sentiment. At many times, investors did not understand the supply and demand relationship or could not buy or sell securities, affecting market liquidity. HoSE's liquidity at that time was about VND 15,000 - 16,000 billion.
The Ministry of Finance then requested the Vietnam Stock Exchange and HoSE to find a solution to upgrade the system to ensure investors' rights. This situation was resolved when HoSE and its partners upgraded the system, helping to process up to 3-5 million transactions per day, many times higher than the previous level of 900,000.
Last week, HoSE announced that from March 4 to March 8, it will implement the conversion to the new information technology system KRX - a system designed by the Korea Stock Exchange (KRX). This system provides many new utilities, most notably supporting investors to trade odd lots on a separate board and buy and sell stocks within the day (T+0). Initially, HoSE expected to complete it in 2021 but then continuously missed the deadline.
At the end of this morning's session, selling pressure in the market suddenly spiked about 30 minutes before the break, pushing liquidity to a three-month high.
The total value of matched orders on HoSE and HNX in the morning increased by 57% compared to yesterday's session, reaching more than 16,800 billion VND. Of which, liquidity on HoSE alone increased by 55%, to nearly 15,600 billion VND.
By 2:10 p.m., VN-Index fell more than 10 points with HoSE liquidity reaching more than VND21,000 billion, the liquidity growth rate slowing down significantly since the beginning of the afternoon session.
Minh Son
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