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Banking & Finance

May 28: VN-Index falls sharply

Released at: 15:52, 28/05/2018 Stock Market Watch

May 28: VN-Index falls sharply

Chart from vneconomy.vn

Index down 3.31% as at 1.30pm, with HNX-Index down 5% and UPCoM-Index 2.85%.

by Ngoc Han

The afternoon session on May 28 continued to see the sharp sales pressure that affected the morning session. As at 1.30pm, the VN-Index had shed 31.86 points (3.31 per cent) to 932.04 points, the HNX-Index 5.72 points (5 per cent) to 108.86 points, and the UPCoM-Index 1.51 points (2.85 per cent) to 51.62 points.

Market liquidity increased significantly and order matching reached VND3.8 trillion ($166.5 million).

The number of losers far outpaced gainers, at 431 versus 91, with 90 stocks hitting their floor, the most notable being GAS, HAG, HSG, VPB, VJC, HCM, PVD, PVS, HNG, DIG, LDG, ROS, FLC and NKG.

Sales pressure had intensified by the end of the morning session, pushing down the VN-Index. VIC, which rose VND3,000, and VHM were not enough to stem the flow as other blue-chips fell significantly, even to their floor.

Large stocks such as PNJ, MWG, FRT, VPB, BVH, FPT, HPG, MSN, VCB and SSI also lost heavily.

In its market commentary, HSC said the VN-Index closed last week on the MA 200 days, so market ability to break through this threshold is quite high. Some key stocks such as VCB, BID and SSI fell below the 200-day moving average (MA) in the final session of last week and there may be other stocks this week. The main problem recently is that the low value of transaction has resulted in a lack of buying power at low prices.

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