6PM Call: Stocks hit the floor in widespread selling
The market experienced another gloomy day as stocks declined in a widespread fashion. The VN-Index closed down by 3.3%, with only 40 gainers versus 265 decliners.
It seems that margin calls were triggered today. We observed strong selling pressure in stocks with high liquidity, which depressed a range of prices. A large number of stocks, 84, equal to 15% of the total number on both exchanges hit the floor.
Foreign investors net bough VND 20 billion. Not a huge number, but still a good sign.
It may take another session for brokerage houses to clear margin calls. Investor may find opportunity in stocks that decrease not by depressed fundamental but by ‘forced selling’ activity.
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