6PM Call: One of the Worst Sell-off Sessions since the Beginning of 2018 - Updated on PPC
This is the second sell-off in three days. The market remained weak until the beginning of the afternoon session. Investors began to sell banking shares, specifically VPB shares. Bad news on NPL and some shady transactions when the bank listed were the major drivers for that. Selling then increased to HDB and other names in the sector. Some investors tried to buy at lower prices but they failed to support stock prices. More and more shares then went to the floor, especially financials, real estate and fisheries. These shares have things in common: (1) positive Q1 earnings results and (2) share prices rallying strongly since the beginning of this year. The HSX saw 230 shares moving down versus 68 shares going up. The HNX saw 118 declining versus 67 moving up. The VNIndex closed down 43 pts (-3.9%) and the HNXIndex lost 4.9%.
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