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Bottom fishing helps check VN-Index free fall amid concern over Covid-19 case

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HCMC – Strong selloff pressure dragged the VN-Index of the HCMC bourse down by over 40 points before active bottom fishing helped the main index mitigate the steep fall.

Following the news that over 50 residents in Danang City were quarantined after a local man was confirmed to contract Covid-19 from community transmission this morning, July 24, investors became concerned about the issue and facilitated selling activities. As a result, the main index closed the morning phase losing nearly 20 points to below the level of 840 points.

The downbeat mood continued to dampen the local market in the afternoon amid escalating selling pressure, leaving the VN-Index plunging deeper by almost 40 points.

However, the index then managed to bounce back slightly and moved flat toward the end of the session, thanks to active bottom fishing.

Closing, the benchmark index dropped 27.59 points, or 3.22% over the previous session to 829.16, with only 32 gainers and as many as 368 losers. Turnover on the southern bourse improved with over 505 million shares worth VND7.5 trillion changing hands, both soaring 110% in volume and 95% in value.

Given the strong selling pressure, all of 30 stocks in the VN30 basket were decliners, with construction firms CTD and ROS plummeting to their floor prices.

Big losers such as lender VPB, jewelry maker PNJ, and insurer BVH lost 5%-5.8%. Many others in the basket including HDB, HPG, CTG, MWG all shed over 4%.

Especially, two local carriers HVN and VJC, which are vulnerable to the pandemic, inched down 5.6% and 3.8%, respectively.

The northern market also felt the pressure. The HNX-Index decreased 4.54 points, or 3.98% versus Thursday to close at 109.33, with 16 advancers and 74 decliners.

Big caps of the Hanoi market made heavy losses. Lender ACB contracted 4.1%, its fellow SHB plunged as much as 7.4%. PVS, VCS, CEO all tumbled over 5%.

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