VN-Index reverses course as selling force weighs on market
VN-Index reverses course as selling force weighs on market
The market ended mixed on Monday as rising selling pressure in the late session weighed on many large-cap stocks.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) reversed the morning course to inch down 3.84 points, or 0.28 per cent, to 1,385.4 points.
In the morning trade, the index extended the last rallies, rising slightly 5.44 points, or 0.39 per cent, to 1,394.68 points.
The market's breadth turned negative with more stocks declining, while the liquidity was higher. Of which, nearly 899.3 million shares were traded on the southern bourse, worth VND27.1 trillion (US$1.19 billion).
The index's reversal was due to losses in large-cap stocks. The 30 biggest stocks tracking VN30-Index fell 11.74 points, or 0.79 per cent, to 1,476.97 points. Thirteen in the VN30 basket increased, while 16 climbed and one ended unchanged.
Techcombank (TCB) posted the biggest losses, down 2.68 per cent. Other big bank stocks in the losing group were Asia Commercial Joint Stock Bank (ACB), VP Bank, Sahabank (SHB) and Vietnam International Commercial Joint Stock Bank (VIB).
Hoa Phat Group (HPG) and Vinamilk (VNM) also joined the downtrend, down 2.82 per cent and 0.44 per cent, respectively.
However, the index's loss was capped by gains in some pillar stocks. Vietnam Rubber Group (GVR) was the biggest gainer yesterday, up 2.61 per cent. It was followed by Bao Viet Holdings (BVH), Vinhomes (VHM), Becamex (BCM) and Petrolimex (PLX), up in the range of 0.64 - 2.27 per cent.
Meanwhile, the HNX-Index on the Ha Noi Stock Exchange (HNX) still rose 4.67 points, or 1.19 per cent, to 395.88 points.
During the trading session, investors poured VND3.48 trillion into the northern market, equivalent to a trading volume of 152.5 million shares.
On the other hand, foreign investors net sold on both main exchanges, with a total value of over VND1.2 trillion. Of which, they net sold a value of nearly VND1.2 trillion on HoSE, and a value of VND31.65 billion on HNX.
