Market opens second week of September with decline
Market opens second week of September with decline
Shares declined on Monday, weighed down by strong selling pressure on Vingroup stocks, while liquidity dropped to a three-week low.
Vinhomes Ocean Park 3 in Hưng Yên Province. Stocks from Vingroup led the market's downward trend on Monday. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index fell by 6.23 points, or 0.49 per cent, to close at 1,267.73 points. Market breadth was negative, with 213 losers outnumbering 85 gainers.
Liquidity weakened, down 24.5 per cent from the previous session, as the trading value dropped to VNĐ11.7 trillion (US$474.4 million), the lowest in three weeks.
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on the southern exchange, also lost 8.24 points, or 0.63 per cent, to 1,307.15 points. Among the VN30 stocks, 23 declined, three advanced and four remained unchanged.
Leading the downturn were the "Vin" group stocks, with Vinhomes JSC (VHM) being the biggest loser, falling by 2.05 per cent and dragging the VN-Index down by over 0.9 points. Vingroup JSC (VIC) dropped 2.13 per cent, while other major stocks like BIDV (BID) and Vietnam Dairy Products JSC (VNM) fell by 0.51 per cent and 0.8 per cent, respectively.
The index's losses were offset by gains in several blue-chip stocks. PetroVietnam Gas JSC (GAS) led the gains, rising 0.71 per cent, followed by Hòa Phát Group JSC (HPG), Nam Á Bank (NAB), and Hoa Sen Group (HSG), which increased between 0.54 per cent and 1.2 per cent.
According to analysts at Viet Dragon Securities, liquidity has decreased compared to the previous session, indicating that the supply cooled as the market approached the support zone of 1,255 – 1,260 points. A recovery signal above 1,270 points could lead to a rebound in the near term.
The market is expected to retest the supply in the 1,280 – 1,290 point resistance zone. Investors can anticipate a short-term recovery, focusing on stocks that have shown stability and attracted cash flow recently. However, caution is advised to take advantage of rebounds for short-term profits or to adjust portfolios to minimise risks.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also dipped by 0.51 per cent to 233.46 points. Trading on the northern bourse saw more than 59.3 million shares traded, worth over VNĐ1.1 trillion.
Foreign investors returned to net selling, offloading over VNĐ484.25 billion on the HoSE.
