Market mixed as VN-Index snaps four-day rally
Market mixed as VN-Index snaps four-day rally
The stock market experienced increased selling pressure on Thursday, resulting in significant losses among major stocks. Consequently, the VN-Index saw a sharp decline in liquidity compared to the previous session.
A worker operates in the steel furnace of Hòa Phát Group. Shares of the steel manufacturer led the decliners as the market ended its winning streak. — VNA/VNS Photo |
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) finished the day at 1,282.78 points, down 1.27 points, or 0.1 per cent.
On the southern bourse, the breadth was negative as 189 stocks declined, while 123 increased and 65 ended flat. Liquidity fell to VNĐ15.6 trillion (US$624.6 million), a decrease of 24.4 per cent from the previous session. This marked the lowest liquidity level in the last five trading sessions.
Meanwhile, the VN30-Index, which tracks the 30 biggest stocks on HoSE by market capitalisation, edged up 0.88 points, or 0.07 per cent, to 1,318.57 points. The number of decliners and gainers in the VN30 basket was equal, with 13 stocks each, while four stocks remained unchanged.
Large-cap stocks in the financial and manufacturing sectors led the market's downturn, with Hòa Phát Group JSC (HPG) posting the biggest fall in market capitalisation of 1.53 per cent, contributing to a decrease of more than 0.6 points in the VN-Index.
It was followed by Vietnam Dairy Products Joint Stock Company (VNM), which fell 1.46 per cent, the Bank for Foreign Trade of Vietnam (VCB), which dropped 0.43 per cent and the Military Commercial Joint Stock Bank (MBB), which posted a decline of 1.41 per cent.
Losses were capped by gains in some pillar stocks, led by the Southeast Asia Commercial Joint Stock Bank (SSB). Shares of the lender rose 4.85 per cent, contributing nearly 0.67 points to the VN-Index.
It was followed by the Vietnam Technological and Commercial Joint Stock Bank (TCB), which rose 1.59 per cent and the Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), which increased by 1.17 per cent.
According to analysts from Việt Dragon Securities, the sharp decline in liquidity and the anticipated resistance zone of 1,280 – 1,290 points will continue to exert supply pressure on the market, posing risks of further declines. Therefore, investors should remain cautious amid the market's instability, maintaining a safe portfolio allocation and may consider selling during market rebounds to minimise risks.
The Hà Nội Stock Exchange (HNX) index finished slightly higher on Thursday, rising 0.02 per cent to 238.47 points.
During the session, more than VNĐ1.1 trillion worth of shares were traded, equivalent to a trading volume of over 63.6 million shares on the northern bourse.
Foreign investors continued their selling spree, with a net sale of over VNĐ472.8 billion on HoSE.
