Market starts the week with a sharp decline
Market starts the week with a sharp decline
The stock market began the mid-September trading week with a sharp decline, as most blue-chip stocks fell, while liquidity improved compared to the previous session.
At the transaction counter of Vietcombank's headquarters in Hà Nội City. The bank's stock led the decliners as the market experienced a sharp drop. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index dropped by 12.45 points, or 0.99 per cent, to close at 1,239.26 points. Market breadth was negative, with 231 decliners outnumbering 82 gainers.
Liquidity improved, increasing by 20.68 per cent from the previous session, as the trading value rose to VNĐ13.5 trillion (US$550.5 million).
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on the southern exchange, also fell by 12.93 points or one per cent, to 1,281.37 points. Among VN30 stocks, 25 declined, one advanced and four remained unchanged.
Leading the downturn were banking and manufacturing stocks, with the Bank for Foreign Trade of Vietnam (VCB) being the biggest loser, falling by 1.11 per cent and dragging the VN-Index down by over 1.3 points. Vinhomes JSC (VHM) dropped by 2.91 per cent, while other major stocks like PetroVietnam Gas Joint Stock Corporation (GAS) and Vingroup Joint Stock Company (VIC) fell by 2.29 per cent and 1.98 per cent, respectively.
Losses were partially offset by gains in a few pillar stocks. Nam Á Commercial Joint Stock Bank (NAB) led the gains, rising by 6.06 per cent, followed by Vietnam Rubber Group - Joint Stock Company (GVR), which increased by 0.87 per cent.
According to analysts at Viet Dragon Securities, the market is being tested. They noted: "Liquidity remains low, indicating that support from cash flow is still limited, but supply has not exerted significant pressure as the market declines. The market is expected to continue testing supply and demand in the next session. However, the effort to maintain the index above the 1,239-point threshold offers hope for a recovery.
"Therefore, investors should monitor supply-demand dynamics at the support level and prioritise stocks with stable performance and strong cash inflows in recent sessions. However, for now, it is essential to consider taking short-term profits or restructuring portfolios to minimise risks."
On the Hà Nội Stock Exchange (HNX), the HNX-Index also dipped by 0.68 per cent to 230.84 points. Trading on the northern bourse saw more than 48 million shares change hands, worth over VNĐ871 billion.
Foreign investors engaged in bottom-fishing, recording net purchases of VNĐ218 billion on the HoSE.
