Indices inch lower despite gains of steel stocks
Indices inch lower despite gains of steel stocks
Benchmark indices extended losses on Tuesday as risk-off sentiment persisted, while outflows of foreign capital also increased pressure on the market.
Inside a warehouse of Hoa Phat Group. Shares of the steel maker jumped 1.94 per cent on Tuesday, helping cushion the market's down trend. — Photo hoaphat.com.vn |
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed the day at 1,034.85 points, a decline of 6.51 points, or 0.63 per cent. It had lost more than 14 points in the last three sessions.
The breadth of the market inclined to the bearish trend as 204 stocks went down, while 103 ticker symbols inched higher. Liquidity was little changed over Monday's trade, with the trading volume and value of 539.6 million shares and VND9.4 trillion (US$401 million).
The 30 biggest stocks tracker VN30-Index dropped by 9.13 points, or 0.87 per cent, to 1,037.04 points. Twenty-seven stocks in the VN30 basket performed poorly, while only two inched higher and one finished flat.
On the Ha Noi Stock Exchange (HNX), the HNX-Index fell for the second day in a row, and ended Tuesday at 204.69 points, down 2.07 points, or 1 per cent.
During the session, nearly VND1.2 trillion worth of shares, equal to a trading volume of 88.47 million shares, was traded on the northern exchange.
Leading the downtrend were familiar names in manufacturing, oil and gas, and banking industries. Specifically, Masan Group (MSN) was the worst performer, posting a loss of 2.73 per cent in market capitalisation.
It was followed by PV Gas (GAS), Vietinbank (CTG), Techcombank (TCB), and VPBank (VPB), down in a range of 1.03-1.69 per cent.
Other stocks also witnessing significant losses in market capitalisation were Vinhomes (VHM), Vinamilk (VNM), and Vincom Retail (VRE).
Trading on the contrasting side of the market, the group of steel producers saw a positive movement. Of which, Hoa Phat Group (HPG) grew 1.94 per cent, Hoa Sen Group (HSG) up 2.4 per cent, Nam Kim Steel JSC (NKG) increased by 1.81 per cent, Pomina Steel Corporation (POM) up 0.22 per cent, and Song Hong Aluminum Shalumi Group (NSH) rose 2.33 per cent.
Shares traded in bearish tendency despite the fact that the market continuously received positive news from the authorities.
The State Bank of Vietnam (SBV) announced on Monday that starting from April 24, credit institutions and branches of foreign banks may immediately buy back corporate bonds they sell instead of waiting for 12 months from the date of sale.
On Sunday, SBV also issued a circular allowing credit institutions to restructure the repayment terms and keep the debt group unchanged to support borrowers struggling with production and business expenses.
Meanwhile, foreign investors were net sellers on Tuesday as they withdrew capital from both main exchanges. Of which, they net sold a value of VND140.68 billion on HoSE and VND4.08 billion on HNX.
