Shares extend losses on sudden selling force
Shares extend losses on sudden selling force
The market reversed the early course to finish lower on Tuesday despite the return of foreign capital flows.
The building of FPT Corporation in Phạm Văn Bạch Street, Cầu Giấy District, Hà Nội. The company's shares fell more than 3.8 per cent on Tuesday. — Photo baochinhphu.vn |
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) decreased by nearly 20 points, or 1.73 per cent, to close the day at 1,121.65 points. This marked its second straight daily loss.
The index performed positively in most of the session, but sudden strong selling pressure hit the market in the last trading minutes, causing the benchmark to reverse.
It lost more than 13 points on Monday. As a result, the index tumbled more than 33 points in the last two days, erasing all of its gains set in the winning streak of six days.
Breadth of the market remained in the negative territory as decliners surpassed gainers of 259 to 64 stocks. In particular, 30 ticker symbols registered the maximum intra-day loss of 7 per cent.
On the southern bourse, liquidity fell back to VNĐ13.6 trillion (US$556.4 million), equivalent to a trading volume of nearly 610.5 million shares.
The 30 biggest stocks tracker VN30-Index also ended lower at 1,141.03 points, a decrease of 12.18 points, or 1.06 per cent. Twenty-five stocks slid while four still inched higher and one stayed flat.
Saigon - Hanoi Securities JSC (SHS) said that for the mid-term, the uptrend has almost come to an end and the market will move to a new balance zone and accumulate again. Given a wide fluctuation range, the time to form a new base will be longer. Although the market does not see an uptrend, its movements in the medium term is still positive because the base and the process of forming the previous upward trend are reliable.
“We expect the market will form an accumulation zone at 1,150-1,250 points,” SHS said.
Data from vietstock.vn showed that Vietnam Rubber Group (GVR) was the biggest loser today, down 5.83 per cent.
Other pillars dominating the bearish trend were FPT Corporation (FPT), Vinhomes (VHM), PV Gas (GAS), Vingroup (VIC), Mobile World Investment Corporation (MWG), and Đức Giang Chemicals Group (DGC).
All the stocks fell at least 2 per cent, with DGC even hitting the floor price.
Similarly, on the Hà Nội Stock Exchange, the HNX-Index declined 6.43 points, or 2.72 per cent, to 230.03 points.
During the trading day, investors poured over VNĐ2 trillion into the market, with a trading volume of 94.9 million shares.
Nevertheless, the market received some support from the return of foreign capital as foreign investors net bought a total of more than VNĐ110 billion on the two main bourses. Specifically, they net bought VNĐ17.67 billion on HoSE and nearly VNĐ92.4 billion on HNX.
