Profit-taking pressure sends stock market down
Profit-taking pressure sends stock market down
Strong profit-taking pressure on many bluechips dragged the VN-Index of the Hochiminh Stock Exchange down 0.34%, or 4.64 points, at 1,357.79 at the close today, August 11.
Investors watch stock prices on electronic boards at a securities company in HCMC. Strong profit-taking pressure on many bluechips dragged the VN-Index of the Hochiminh Stock Exchange down 0.34% today, August 11 – PHOTO: VNA
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Market breadth turned negative with 205 decliners and 182 advancers. Over 806 million shares worth VND26.3 trillion changed hands, up 17% in volume and 16.4% in value from the session earlier.
In the VN30 basket, 18 stocks ended in the red, with housing developer KDH reporting the strongest drop of 4.4%.
Brokerage firm SSI, rubber group GVR and property giant VIC were among major drags of the main index.
Other bluechips such as consumer food producer MSN, tech firm FPT, lender ACB and retailer VRE lost over 1%.
On the positive side, lenders TPB and VCB, electricity stock POW and dairy giant VNM improved 1.5%-1.8% at the close.
Many securities stocks were in negative territory, with VCI dipping by 3.3% and VDS dropping by 2.5%.
On the Hanoi Stock Exchange, the selling pressure pushed the HNX-Index down 0.63 points, or 0.19%, against the day earlier, at 334.44. Trade volume totaled 149.2 million shares worth VND3.4 trillion, down 8% and 12%, respectively, from the session earlier.
The poor performance of many largecaps contributed to the decline of the index. Lender SHB ended its winning streak to close down 1.8%, while securities stock VND and industrial firm VCS also experience a deep fall.
