With this drop, the market capitalization of the HoSE has evaporated nearly VND153.5 trillion. The VN-Index was in the top five Asian stock indexes with the sharpest drop on October 7.
The banking group plunged sharply right from the beginning of the trading session. Many stocks fell to the floor price, such as STB, TCB, VPB, CTG, MSB, LPB, and TPB. The rest of the banking stocks also sank deeply by 4-6 percent, causing the VN-Index to plummet more than 45 points. However, some large-cap stocks, such as VJC, SAB, VHM, and VIC, recovered at the end of the trading session and closed in the green, helping cushion the VN-Index's drop.
As investors fled the market in a panic, the bottom-fishing cash flow into the market was activated, causing market liquidity to skyrocket. Foreign investors also posted a net buying of VND250 billion on the HoSE.
At the end of the trading session, the VN-Index slashed 38.61 points, or 3.59 percent, to 1,035.91 points, with 52 winners, 440 losers, and 31 unchanged stocks.
Closing the trading session on the Hanoi Stock Exchange, the HNX-Index slumped 8.04 points, or 3.84 percent, to 226.09 points, with 31 gainers, 184 losers, and 23 flat stocks.
Market liquidity increased by nearly 50 percent compared to the previous trading session, with a total trading value of roughly VND16.05 trillion.
By Nhung Nguyen – Translated by Gia Bao
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