Selling pressure pulls down VN-Index
Shares ended on a negative note on Tuesday as selling force suddenly increased at the end of trading session, pushing many large-cap stocks down and making the market regress.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange lost 0.52 per cent to close at 1,006.59 points.
The southern market index had climbed 0.77 per cent to close Monday at 1,011.86 points.
More than 236.5 million shares were exchanged on the southern bourse on Tuesday, worth VND5.8 trillion (US$247.2 million).
The blue-chip VN30 Index was down 0.56 per cent to 927.56 points.
Twenty-two of the 30 largest stocks by market capitalisation ended in negative territory while seven increased. The remaining one was flat.
Most of the sectors lost value. Bank stocks declined 1.21 per cent on the decrease of Asia Commercial Bank (ACB), Bank for Investment and Development (BID), Vietinbank (CTG), Techcombank (TCB), Vietcombank (VCB) and Sai Gon Thuong Tin Commercial Joint Stock Bank (STB).
ACB fell 1.9 per cent to close at VND31,300 per share. BID fell 1.9 per cent to trade at VND36,600 per share. CTG fell 1.3 per cent to trade at VND23,100 and VCB fell by 1.2 per cent to VND66,800.
Oil and gas and real estate stocks also respectively went down 0.5 per cent and 42 per cent.
Adversely, insurance stocks gained 0.25 per cent, led by insurer Bao Viet Holdings (BVH).
While large-cap stocks were under strong pressure, cash flow continued to pour into small-cap stocks. A number of small-cap stocks hit the daily rise limit of 7 per cent thanks to high buying volume, including Vinaconex Investment And Tourism Development JSC (VCR), NHP Production Import - Export JSC (NHP), An Truong An Joint Stock Company (ATG) and De Tam Joint Stock Company (DTA).
On the Ha Noi Stock Exchange, the HNX-Index lost 0.74 per cent to end at 110.06 points.
The northern market index gained 0.40 per cent to end Monday at 110.88 points.
More than 63.3 million shares were traded on the northern bourse on Tuesday, worth VND773 billion.
Foreign investors bought a net value of VND190.23 billion on the HoSE, focusing on Vietinbank (CTG, VN6D9.73 billion), steel maker Hoa Phat Group (HPG, VND62.57 billion) and Viet Nam National Petroleum Group (PLX, VND48.05 billion). However, they sold a net of VND9.37 billion on the HNX.
According to Bao Viet Securities Company (BVSC), in the next session, the VN-Index is expected to rebound. The market might continue going through a wide divergence among stock groups, but the VN30 basket is expected to rebound in the short term.
“Bank stocks are expected to rebound in order to support and drive the market’s recovery. Besides, capital is forecast to keep flowing to oil and gas and real estate,” BVSC said.