Shares correct on strong volatility among sectors
Shares correct on strong volatility among sectors
Local shares corrected on Thursday with the large-caps experiencing strong volatility but cash flow pouring into industrial real estate stocks still narrowed the market’s decline.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) decreased by 0.35 per cent, to 1,353.05 points. The market breadth was neutral as 185 stocks climbed while 183 declined.
Nearly 742.6 million shares were traded on the southern market exchange, worth 22.7 trillion (US$998 million).
The market’s large-caps witnessed struggles with differentiation in pillar codes.
Many pillar stocks lost momentum and put great pressure on the market such as FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), Hoa Phat Group (HPG), Mobile World Group (MWG), PV Power (POW), Masan Group (MSN) and Viet Nam National Petroleum Group (PLX).
The banking group also performed poorly with losers including Military Bank (MBB), Sacombank (STB), Techcombank (TCB), Vietcombank (VCB), and Tien Phong Bank (TPB).
On the other side, best performing blue-chips included Vietinbank (CTG), Vinhomes (VHM), Vingroup (VIC) and Bao Viet Holdings (BVH).
The market was strongly supported by the real estate and construction sectors, with many gainers such as Development Investment Construction JSC (DIG), C.E.O Group JSC (CEO), Dat Xanh Group (DXG), Hoa Binh Construction JSC (HBC), Ha Do Group JSC (HDG), Hudland Real Estate Investment and Development JSC (HLD) and Phuc Hung Holdings JSC.
“The market remained in the green for most of the session but reversed at the end of the afternoon session as investment cash flow narrowed,” said BIDV Securities Co.
“Short-term profit-taking pressure appeared as the market is gradually approaching the resistance level of 1,380 points. Meanwhile, foreign investors continued to be net sellers on both HNX and HoSE.
“With the domestic and foreign cash flows showing signs of weakening at the resistance level, VN-Index can continue maintaining the consolidation period at 1,350-1,380 points,” it said.
Foreign investors net sold VND143.43 billion on HOSE. They were net sellers on HNX with a value of VND25.57 billion.
The VN30-Index, which tracks the 30 biggest stocks in market capitalisation on the southern market, declined 0.73 per cent to 1,477.06 points.
Of the VN30 basket, seven stocks jumped while 20 slid, and three stayed unchanged.
The HNX-Index on the Ha Noi Stock Exchange (HNX) was down 0.36 per cent to 334.33 points.
Nearly 150 million shares were traded on the northern exchange, worth VND3.3 trillion.
