Market declines for third consecutive day as foreign bloc continues selling
Market declines for third consecutive day as foreign bloc continues selling
The stock market continued its downward trend on Wednesday, with the VN-Index losing ground for the third consecutive session while liquidity continued to decline.
At a SeABank branch in Hà Nội, SeABank's stock (SSB) led the decliners on Wednesday. — Photo courtesy of SeABank |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed at 1,279.48 points, down 1.6 points, or 0.12 per cent.
Market breadth on the southern bourse was negative, with 174 stocks declining, 127 advancing, and 56 remaining unchanged. Liquidity dropped further to VNĐ13.3 trillion (US$532 million), marking a 19.8 per cent decrease compared with the previous session.
The VN30-Index, which tracks the top 30 stocks by market capitalisation on the HoSE, also fell by 1.99 points, or 0.15 per cent, to close at 1,354.1 points. Within the VN30 basket, 18 stocks declined, nine advanced and three remained unchanged.
The market’s decline was driven by large-cap stocks in the financial and manufacturing sectors, with Southeast Asia Commercial Joint Stock Bank (SSB) seeing the steepest drop, falling 4.02 per cent and contributing nearly 0.5 points to the VN-Index's overall decrease.
This was followed by losses from PetroVietnam Gas Joint Stock Corporation (GAS), down 0.96 per cent and Việt Nam National Petroleum Group (PLX), which fell 2.33 per cent.
However, some key stocks helped to offset the market’s losses, led by Mobile World Investment Corporation (MWG), which rose 1.71 per cent, contributing nearly 0.4 points to the VN-Index.
Experts from Việt Dragon Securities noted: "The market’s recovery attempt was unsuccessful and once again faced selling pressure from the 1,290-point zone. Liquidity decreased compared to the previous session, showing a cooling off in supply. The market has now fallen below the MA(20) zone, around 1,280 points, where support may temporarily hold off further declines while supply and demand are being tested. However, the supply signals over the past two sessions could pose challenges and increase risks in the near term.
"Therefore, investors should closely observe the supply-demand dynamics at the support zone to evaluate market conditions. It is advisable to maintain a balanced portfolio and consider using any recovery to restructure holdings to reduce risk exposure."
On the Hà Nội Stock Exchange (HNX), the HNX-Index also closed lower on Wednesday, dropping 0.3 per cent to 228.26 points.
During the session, nearly VNĐ785 billion worth of shares was traded, with a total trading volume of over 38 million shares on the northern market.
Foreign investors extended their net selling streak, with net sales amounting to over VNĐ330 billion on the HoSE.
