Shares collapse for fourth session as large-caps fail to rescue market
Shares collapse for fourth session as large-caps fail to rescue market
Shares fell for a fourth consecutive session on Friday as the "rescue" move in large-cap stocks in the last trading minutes failed to reverse the downtrend.
On the Ho Chi Minh Stock Exchange (HoSE), the market benchmark VN-Index dropped 1.34 per cent, to 1,039.56 points.
The market's breadth was negative with 98 gainers and 311 losers.
During the session, some 430.4 million shares were traded on the southern bourse, worth over VND6.5 trillion (US$273.2 million).
The "rescue" move in large-cap stocks in the last trading minutes helped the market to significantly narrow the drop from the beginning of the session. However, the absorption of stock supply had not been observed clearly, said Viet Dragon Securities Co.
“Therefore, the market still has a chance to recover to the resistance area of 1,065 points of VN-Index in the next session. However, with the absence of supply absorption around the support level of 1,030 points, the risk of subsequent weakness is still high,” it said.
“The market continued to retreat relatively deeply. It still has a chance to recover to the resistance area of 1,065 points of VN-Index in the next session. However, with the absence of supply absorption around the support level of 1,030 points, investors should temporarily maintain a cautious attitude in the coming recovery span. In the meantime, it is advisable to take advantage of the rising spans in the session to restructure the portfolio in the direction of minimising risks.”
The VN30-Index, which tracks the 30 biggest stocks on HoSE, fell 1.95 per cent, to 1,030.42 points.
In the VN30 basket, 26 stocks went down and three gained. The other stayed flat.
In the VN-30 basket, the worst performers included The Viet Nam Rubber Group (GVR), FPT Corporation (FPT), Masan Group (MSN, Hoa Phat Group (HPG), Vietjet (VJC), Vinamilk (VNM), Novaland (NVL), Vingroup (VIC), Vincom Retail (VRE), Vinhomes (VHM), Phat Dat Real Estate (PDR) and PVPower (POW).
Banking-financial stocks performed poorly, with losers being Vietinbank (CTG), Military Bank (MBB), Sacombank (STB), VPBank (VPB), Asia Commercial Bank (ACB), Bank for Investment and Development of Vietnam (BID), Vietcombank (VCB) Techcombank (TCB) and SSI Securities Inc (SSI).
On the Ha Noi Stock Exchange (HNX), meanwhile, the HNX-Index lost 0.95 per cent to end at 207.32 points.
During the trading session, investors poured more than VND713 billion into the bourse, equivalent to a trading volume of more than 55 million shares.
