The market continues to decline for a third consecutive day
The market continues to decline for a third consecutive day
Benchmark indices continued their downward trend on Wednesday as investor sentiment remained subdued, causing liquidity to drop further.
A corner of Aqua City – a project by Nova Land. The company's stock hit the floor on Wednesday, contributing to the VN-Index's third consecutive day of declines. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed at 1,253.27 points, down 1.96 points, or 0.16 per cent.
Market breadth was negative, with 171 decliners outnumbering 130 gainers. Liquidity also extended its decline, decreasing by 17.6 per cent from the previous session to VNĐ12.8 trillion (US$523.45 million).
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on the HoSE, dropped by 0.18 points, or 0.01 per cent, to 1,293.88 points.
In the VN30 basket, 14 stocks declined, 11 increased and four remained flat.
Large-cap banking stocks led the market's decline, with the Bank for Foreign Trade of Vietnam (VCB) recording the largest drop in market capitalisation, falling by 0.67 per cent, dragging the VN-Index down by over 0.8 points. Notably, VCB was also the biggest loser in the previous session.
It was followed by Southeast Asia Commercial Joint Stock Bank (SSB), which fell by 5.88 per cent and No Va Land Investment Group Corporation (NVL), whose shares hit the floor, down 6.69 per cent, contributing to a nearly 0.4-point drop in the VN-Index.
However, the index managed to limit losses thanks to some bottom-fishing activity. Hòa Phát Group JSC (HPG) was the biggest gainer, rising by 0.8 per cent, contributing more than 0.31 points to the VN-Index.
According to experts from the Việt Dragon Securities, the VN-Index was supported around the 1,255-point level and managed to fill the price gap. This signal raises expectations that the VN-Index will regain its upward momentum in the near future, potentially targeting the 1,280-point level once again. Therefore, investors can expect a short-term recovery and should prioritise stocks with stable performances and recent strong cash inflows. However, it remains advisable to consider taking profits during rebounds or restructuring portfolios to reduce risk.
The Hà Nội Stock Exchange (HNX) index also ended lower on Wednesday, down by 0.1 per cent to 231.45 points.
During the session, more than VNĐ817 billion worth of shares were traded, with a volume of nearly 42.25 million shares on the northern bourse.
Foreign investors broke their selling streak, with net purchases totalling VNĐ7.5 billion on the HoSE on Wednesday.
