Market little changed as liquidity slows down
Market little changed as liquidity slows down
Benchmark indices were mostly unchanged on Tuesday, weighed on by soaring selling pressure from foreign investors.
Investors watching the market's movements at the headquarters of HoSE. — VNA/VNS Photo |
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) snapped two days of gains to close lower at 1,115.97 points, down 4.52 points, or 0.4 per cent. The index rose more than 26 points in the last two sessions.
On the southern bourse, 109 stocks increased while 186 declined. Liquidity also fell compared to the previous trade, with the trading value down 29.1 per cent to VNĐ17.09 trillion (US$704 million). This was equal to a trading volume of 824.66 million shares.
The 30 biggest stocks tracker, VN30-Index, also dropped 6.74 points, or 0.61 per cent, to 1,100.42 points. Twenty-two ticker symbols inched lower while four stocks advanced, of which one hitting the maximum daily rise of 7 per cent. And four stocks ended flat.
The market cooled down after soaring on Monday as momentum dried out.
Also pressuring the sentiment, foreign investors withdrew a large amount of more than VNĐ1.5 trillion from the southern exchange.
Data compiled by vietstock.vn showed that Vinhomes (VHM) was the biggest loser on Tuesday as shares of the property developer plunged 1.94 per cent.
Other contributors to the bearish trend were Vietcombank (VCB), down 0.7 per cent, VPBank (VPB) dipped nearly 1.8 per cent, Vinamilk (VNM) fell over 1 per cent, and Hòa Phát Group (HPG) down 0.91 per cent.
Losses were capped by gains in some large-cap stocks, which were led by Becamex (BCM). BCM shares hit the ceiling price of 7 per cent. It was followed by FPT Corporation (FPT) with an increase of 1.28 per cent.
In contrast, the HNX-Index on the Hà Nội Stock Exchange (HNX) was stable. It ended Tuesday at 231.34 points, up 0.03 points, or 0.01 per cent.
More than 94.2 million shares were traded during the session, worth over VNĐ2 trillion. Foreign capital continued to run away from the bourse. In particular, they net sold nearly VNĐ51.2 billion.
VNDirect Securities Corporation (VND) expects the VN-Index to reach reach 1,140 points by the end of 2023 thanks to the recovery trend of the market's earning per share (EPS) in the fourth quarter of 2023. The market's EPS is forecast to grow by 3.7 per cent in 2023 and 18 per cent in 2024.
