Shares reverse uptrend to drop on profit-taking pressure
Shares reverse uptrend to drop on profit-taking pressure
Viet Nam's stock market reversed to drop slightly on Tuesday as a series of large-cap stocks lost ground on strong profit-taking pressure.
The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) lost 0.41 per cent to end at 1,461.50 points.
The index had gained 0.76 per cent to end Monday at 1,467.57 points.
The market's liquidity was negative with 200 stocks rising, while 253 slid.
Investors poured over VND30 trillion (US$1.3 billion) into the southern exchange, equivalent to a trading volume of 1 billion shares.
The 30 biggest stocks tracker VN30-Index lost 0.56 per cent, to end at 1,527.13 points. Nine in the VN30 basket climbed, while 20 decreased and one stayed flat.
Losers in the VN-30 group included Saigon-Hanoi Bank (SHB), down 3.2 per cent, Kido Group JSC (KDC), losing 2 per cent, Phu Nhuan Jewelry (PNJ) falling 1.9 per cent, Masan Group (MSN) dropping 1.8 per cent, PetroVietnam Gas JSC (GAS) losing 1.9 per cent and Vinamilk (VNM) falling 1.1 per cent.
“Today, the market experienced a slight correction due to profit-taking pressure after setting a new high in the session. At the end of the session, the VN-Index dropped more than 6 points,” said BIDV Securities Co.
“Market breadth tilted to the negative side. Regarding the transactions of foreign investors, today they were net buyers on the HSX and net sellers on the HNX.
“The market may maintain the movement trend around 1,460 points as market liquidity is still at a stable level,” it said.
Foreign investors net bought VND7.57 billion on HOSE, including Hoa Phat Group (HPG) with VND172.93 billion, Vietinbank (CTG) with VND94.99 billion, and Vinhomes (VHM) with VND85.93 billion.
Foreign investors were net sellers on HNX with the value of VND1.71 billion.
On a sector basis, losers were wholesale, retail, information and technology, banking, food and beverage, rubber production, construction, construction materials and seafood processing.
On the Ha Noi Stock Exchange (HNX), the HNX-Index gained 0.12 per cent to end Tuesday at 432.64 points.
The index had risen 1.04 per cent to end Monday at 432.10 points.
During the trading session, more than 143 million shares were traded on HNX, worth nearly VND3.8 trillion.
