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At the end of the session, VN-Index dropped nearly 25 points

Thursday - 28/02/2019 18:54
The decline was widened in the second half of the afternoon session, especially after unexpected movements from the summit conference of Mr.Trump and Mr.Kim
At the end of the session, VN-Index dropped nearly 25 points
At the end of the session, VN-Index dropped nearly 25 points
Closing the trading session on February 28, VN-Index dropped 24.8 points (equivalent to 2.5%) to 965.47 points. The VN30-Index, which represents the group of 30 large-cap stocks, expanded its declining momentum to 2.75% to 904.98 points. On Hanoi trading floor, HNX-Index decreased by 1.64%, while UPCOM-Index decreased by 0.85%.

The red color was covered from the beginning of the session but the drop only really increased after the market entered the afternoon session. Selling force increased strongly and decisively of investors holding stocks that pressed the index, especially VN30-Index, to a low level.

VN-Index opened in red right from the beginning but maintained the drop below 10 points. The struggling situation between buyers and sellers continued to take place, sometimes pulling the index to near reference. However, every effort to keep the market's equilibrium has been broken when entering the afternoon session. Massive selling pressure, despite the price, made the market trend to be on the downside, the main indices dropped deeply.

The decline of the market today, in addition to the general adjustment pressure, partly stemmed from developments in the world financial market. The staggering of the Asian market after unexpected developments from the US- North Korea Summit has partly impacted on the psychology of domestic investors. The slump of the index mainly focused on the second half of the afternoon session, which is a testament to this.

By the end of the session, the number of stocks falling on the HOSE was more than double that of the rising stock. Particularly in VN30 group, only 2 stocks went against the market while the remaining 28 names were in red.

Some large-cap stocks, which are the leading force leading the trend in the upward phase, were pressed by the selling force under the reference. VNM shares of Vinamilk till the end of the session dropped VND6,600, VHM of Vinhomes fell VND5,200, SAB of Sabeco fell VND7,500, VIC of Vingroup and VJC of Vietjet all decreased by over VND3,000.

In the derivative market, prices of VN30 contracts dropped from 23 to 26 points, close to the 900 level, even below 900 points.

The correction in today session is forecasted after a series of strong gains of VN-Index, but the decrease of nearly 3% is not expected by any investor. The declining momentum in short time partly reflected the crowd sentiment in the market when the selling force was massive despite the price.

The positive point is the deep decline of the market, bringing many stocks in relatively "pleasant" prices, opportunities for medium and long-term investors to consider participating. However, for short-term investors, market members still recommend to monitor the next movement of the market before making investment decisions.

Author: Translated by CoPhieuViet.Com

Source: Vnexpress newspaper

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