Investors panicked after shares on both national stock exchanges plunged
on the afternoon of February 26 without negative information.
The VN-Index on the Ho Chi Minh Stock Exchange declined 3.85 percent
to close at 465.05 points, a steeper fall than that of February 21, when
rumours swirled about the arrest of the BIDV chairman.
Losers overwhelmed gainers by 231-32, with the other 49 stocks closing flat.
Analysts said that investors were cautious after the misinformation
scandal, which drove insecure individuals to sell massively in a move to
cut their losses.
Trading was busy, however, with
total trading value doubling the previous day’s level to 1.47 trillion
VND (70.3 million USD) on a volume of 94 million shares.
Blue chips led the downturn during the day as no shares in the VN30,
which tracks the top 30 shares by market capitalisation and liquidity,
posted gains. The VN30 slumped 3.8 percent to 536.94 points.
On the other end of the spectrum, several real estate developers saw
their shares continue to rise, including Hoa Binh Construction and Real
Estate Corp (HBC), Phat Dat Real Estate Development (PDR) and NBB
Investment Corp (NBB).
On the Hanoi Stock Exchange,
the HNX-Index declined 3.4 percent to finish at 62.01 points on a
turnover of nearly 770.6 billion VND (36.9 million USD).
Decliners outnumbered advancers by five to one, with many blue chips
slumping such as Sai Gon-Hanoi Bank (SHB), PetroVietnam Construction
(PVX), property developer Sacomreal (SCR) and Kim Long Securities (KLS).
Foreign investors were net buyers of nearly 23
billion VND (1.1 million USD) worth of shares on the HCM City exchange
but they were net sellers of more than 20 billion VND (957,000 USD)
worth of shares on the Hanoi bourse.-VNA