VN-Index falls for second day to hover around 1,360 point-level
VN-Index falls for second day to hover around 1,360 point-level
Viet Nam’s stock market ended mixed yesterday as the benchmark reversed the morning course on resurging selling pressure.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index fell in a choppy session to get closer to the 1,360 point-level. Accordingly, the market benchmark lost 2.15 points, or 0.16 per cent, to 1,360.94 points. It inched higher in the morning trade on key material stocks.
The market’s breadth was negative with 197 stocks declining while 172 stocks rose. But the liquidity was lower than some recent sessions as investors poured nearly VND24.41 trillion (US$1.06 billion), equivalent to a trading volume of 689.8 million shares.
The index’s reversal was mainly driven by a sell-off in bank stocks in the afternoon trade. The 30 biggest stocks tracker, VN30-Index also slid by 0.31 per cent to 1,489.54 points.
Sixteen stocks of the 30 biggest stocks in the VN30 basket decreased, while 11 climbed and three ended flat.
Even though many big banks recorded losses in the market, real estate stocks still led the trend.
The trio stocks of the Vin family, including Vinhomes JSC (VHM), Vingroup JSC (VIC) and Vincom Retail JSC (VRE), fell 0.89 - 1.01 per cent in market capitalisation.
Other stocks contributing to the losses were VPBank (VPB), down 1.69 per cent, Techcombank (TCB), down 0.94 per cent, and JSC Bank for Investment and Development Of Vietnam (BIDV, BID) down 0.7 per cent.
However, the losses were limited by gains in some large-cap stocks, especially in the material sector.
Of which, Masan Group (MSN) was the biggest gainer yesterday, up 1.51 per cent. It was followed by Vinamilk (VNM) and Mobile World Investment Corporation (MWG), up 0.78 per cent and 1.53 per cent, respectively.
The move was in line with expectations from Saigon - Hanoi Securities JSC (SHS). In a daily report to investors, the securities firm said that the VN-Index may continue to struggle and fluctuate between the resistance zone of 1,370-1,380 points and the support zone of 1,325-1,350 points.
It also suggested that investors who have gradually taken profits from their portfolios last week should take a wait-and-see approach this week, and should not buy-in at the current price range.
Investors’ sentiment was also weighed by selling activities from foreign investors as they continued to net sell a value of more than VND1 trillion on the two main exchanges.
Of which, they net sold a value of nearly VND1.89 trillion on HoSE and a value of VND41.62 billion on the northern bourse.
On the Ha Noi Stock Exchange (HNX), meanwhile, the HNX-Index rose 0.5 per cent to 344.82 points. The index closed the morning trade at 345.63 points.
During the trading session, more than 157.3 million shares were traded on HNX, worth over VND4.2 trillion.
