VN-Index drops as selling pressure piles up
VN-Index drops as selling pressure piles up
Domestic stocks saw deeper correction today, January 17, as investors hiked selling pressure amid bearish sentiment, pushing the VN-Index of the Hochiminh Stock Exchange down 6.81 points, or 0.75%, against Wednesday at 901.89.
Trading value on the southern market shrank to a six-month low of around VND2.4 trillion, down 34.7% from the previous day, while volume fell 18.5% at 133.9 million shares. Of the figures, the put-through market saw 16.5 million shares worth VND546 billion traded.
Eight out of the top 10 heavyweights declined on poor transaction. Lender TCB was the only stock rising 0.57% at VND26,650 while property giant VIC closed at the reference line of VND102,000.
Among blue chips, lender MBB made the biggest contribution to the main index as it rose 1.5% at VND19,750. The bank ranked second by liquidity on the market with nearly 6.7 million shares exchanged.
Property firm FLC still attracted huge cash flow after the inaugural flight of its subsidiary Bamboo Airways on Wednesday, turning the volume leader with 24 million shares traded. FLC closed the day up 1.48% at VND5,500.
Other speculative stocks also reported active trading. Realty firm QCG and financial group OGC saw around 3.5 million shares changing hands each, adding 2% and 1.6% at VND4,900 and VND3,740, respectively.
Meanwhile, HQC, another property stock, closed flat at VND1,400 on matching volume of 5.8 million shares. Construction firm ROS reported volume of 4.1 million shares, sliding 0.14% at VND35,550.
Foreigners reduced transaction due to the lack of supporting information. They net bought VND24.2 billion worth of shares on the HCMC market, marking a strong slump compared to nearly VND520 billion on the previous day.
The HNX-Index of the Hanoi Stock Exchange lost a fractional 0.06% at 101.92. A majority of stocks on the market moved flat whereas 58 stocks increased and 65 others lost grounds.
Turnover on the market turned sluggish as volume and value shed 43.4% and 58% versus the day earlier at 17.9 million shares worth VND229 billion, respectively.
Many large caps rose slightly but with low turnover. Lender ACB, the leading stock in terms of market capitalization, added 0.3% at VND28,900 on matching volume of just 700,000 shares, while insurer PVI jumped 4.3% at VND33,900 with around 100,000 shares exchanged.
Lender SHB was the most actively traded stock with nearly 2.2 million shares traded, moving sideways at VND7,000. Construction firm VCG followed with 1.1 million shares exchanged but it fell 1.3% at VND22,600.
