Market faces strong correction after recent rallies

Dec 7th at 08:00
07-12-2022 08:00:17+07:00

Market faces strong correction after recent rallies

The Vietnamese stock market saw a sharp retreat on Tuesday after recent strong rallies, following the global markets' trend.

 

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) pulled back to finish lower at 1,048.69 points, a decline of 44.98 points, or 4.11 per cent. It gained more than 57 points in the last two sessions.

The market's breadth entered the negative zone as more stocks lost points. Of which, on the southern bourse, 274 stocks edged lower, with 83 hitting the floor prices, whereas 82 stocks advanced.

Liquidity, however, increased over the previous session. Specifically, trading value on HoSE rose more than 12 per cent to VND23.5 trillion (US$980.5 million), equal to a trading volume of over 1.48 billion shares.

The 30 biggest stock tracker VN30-Index posted a fall of 56.88 points, or 5.12 per cent, to 1,054.06 points. All ticker symbols in the VN30 basket decreased on Tuesday, of which nine stocks registered the maximum daily loss of 7 per cent.

On the Ha Noi Stock Exchange (HXN), the HNX-Index also closed lower, ending an eight-day rally streak. It fell 7.16 points, or 3.26 per cent, to 212.8 points.

During the session, more than 188 million shares were traded on the northern market, worth nearly VND2.74 trillion.

Recent increases in stocks triggered some profit-taking activities, weighing on the market's sentiment.

Statistics showed that banking, real estate and manufacturing sectors continued to lead the downtrend. In the top five stocks dominating the bearish mood, Vietcombank was the biggest loser in market capitalisation with a decline of 5.88 per cent.

It was followed by Vinhomes (VHM), BIDV (BID), VPBank (VPB), and Hoa Phat Group (HPG). All the stocks lost at least 5.2 per cent, of which VPB and HPG even hit the floor prices.

The market was also dragged down by strong falls in Asia stocks. Asian stocks set their sharpest declines in two weeks on Tuesday, after strong US data suggested the Federal Reserve might stick longer with aggressive interest rate hikes.

On Monday, the US stock market also inched lower.

On the other hand, the market received support from foreign cash flows. Foreign investors continued to inject capital into the Vietnamese market as they net bought VND823.71 billion on both main exchanges. Of which, they net bought VND782.16 billion on HoSE and VND41.55 billion on HNX. 

bizhub



RELATED STOCK CODE (4)

NEWS SAME CATEGORY

Undervalued banks winning bet for investors

Although banking profits are expected to grow slower in Q4/2022 and in the first half of 2023, experts still have an optimistic outlook on bank stocks in the short...

Market extends rallies, VN-Index inches close to 1,100 points

Benchmark indices extended rallies on Monday, boosted by the market's bullish sentiment and strong net inflows from foreign investors.

VN-Index to head toward 1,130-point level this week

The market posted the third weekly gain last week, with the VN-Index witnessing the biggest increase since 2009. Experts said that the uptrend of the Vietnamese...

Shares soar on the rise of pillar stocks

Vietnamese equities closed higher on Friday thanks to the strong growth of blue chips.

Shares slump after five days of gains

The Vietnamese stock market settled lower on Thursday, ending its five-day gaining streak due to the slump of heavy-weight stocks.

Shares extend rally with high liquidity

Shares climbed for a third day this week and five sessions in a row, buoyed by blue chips again.

IPO market awaits opportunities to boom

There were no new IPO deals in Viet Nam in the third quarter of 2022, according to recent data from Deloitte, as the figure was only counted in the first half of...

Shares extend gains on the rise of real estate, securities stocks

Shares gained ground on Tuesday thanks to the sharp rises of large-caps and in the securities and real estate group, supporting the overall market.

Steady decline in stock market causing concern

For several consecutive days there has been a steady decline in the stock market with hundreds of stocks plummeting, reminiscent of the 2008 crisis.

Credit concerns affecting Vietnamese stocks should ease soon: VinaCapital

Concerns about the ability of Vietnamese companies to access credit have been severely weighing on the VN-Index, but the issue is mostly restricted to the property...

TRENDING


MOST READ


Back To Top