At the close of trading today (August 18), the VN-Index suddenly dropped 55.49 points (equivalent to a decrease of 4.5%) to 1,177.99 points. This is the sharpest decline of the VN-Index since mid-May 2022. Similarly, the HNX-Index evaporated 5.6% to 235.96 points and the UPCoM-Index decreased 3.75%. The plunge of a series of stocks caused the stock market capitalization to lose 274,000 billion VND, equivalent to 11.5 billion USD.
VN-Index plummets the most in over a year
The number of stocks that have fallen in price is almost overwhelming the electronic board, and among them, the number of stocks that have fallen to the floor price and have no buyers is also quite large. For example, on the Ho Chi Minh City Stock Exchange, there are 486 stocks in the red out of a total of 529 stocks being traded, of which 170 stocks have been sold off and dropped to the floor price.
Market liquidity also surged to over VND42,000 billion this session with over 2 billion shares traded. Of which, Ho Chi Minh City Stock Exchange (HOSE) alone recorded a trading value of over VND36,145 billion with 1.7 billion shares traded, up nearly 50% compared to yesterday's session. This is a record trading volume of HOSE since its inception. HNX liquidity reached over VND4,178 billion and UPCoM nearly VND1.9 billion.
Stocks hit the floor in droves at the end of the session on August 18.
According to Mr. Huynh Anh Tuan - General Director of Dong A Bank Securities Company - today there was a lot of negative information and although it did not originate from listed companies or from the macro economy, it was still strongly inferred. That is the story from VinFast shares trading on Nasdaq on August 17 (US time) falling, causing Vingroup shares on HOSE to also turn down.
Or the fact that the USD/VND exchange rate is increasing rapidly also makes investors worry that the banks' interest rate reduction plan will not happen as expected. Even the story of the Evergrande Group real estate corporation in China filing for bankruptcy protection yesterday also raised concerns about the situation of the Vietnamese real estate industry...
"The negative news appearing at the same time makes investors' psychology speculate quite quickly. However, investors need to be careful in trading because they can fall into traps and risk losing money. Looking at the liquidity of many large stocks, we can see suspicious scenarios. Because according to my personal calculations, although the VN-Index has increased recently, it is mainly due to some blue-chip stocks. The remaining 60-70% of mid- and small-cap stocks have had a correction, decreasing by about 10-15%. Currently, many individuals want to find investment opportunities when savings interest rates at banks have dropped. After today's shocking drop, many stocks have returned to attractive prices and I think this is an opportunity for new cash flow," Mr. Huynh Anh Tuan shared.
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