VN-Index ends uptrend on rising selling pressure

VN-Index ends uptrend on rising selling pressure

Investors remain hesitant as the VN-Index struggles to reach new highs, peaking at 1353.99 points earlier today but failing to generate a necessary surge.

The Thi Vai LNG Terminal, under the operation of PV GAS, in Bà Rịa - Vũng Tàu Province. Shares of PV Gas rose by 2.3 per cent on June 18, cushioning the market's downtrend. — Photo pvgas.com.vn

The domestic market closed lower on June 18, weighed by profit-taking pressure in the afternoon session, while foreign investors returned to net selling. 

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index snapped a two-day rally. It went down slightly by 0.86 points, or 0.06 per cent, to finish the day at 1,346.83 points. 

Investors remain hesitant as the VN-Index struggles to reach new highs, peaking at 1,353.99 points earlier June 18 but failing to generate the necessary pressure. The lack of increased liquidity suggests that investors are not very confident in the likelihood of a surge.

Profit-taking sentiment prevailed, with the VN-Index hitting its peak around 10.13am, showing a strong breadth of 185 winners to 81 losers. However, by the session's end, this reversed to 103 gainers and 182 decliners, indicating that selling pressure has pushed prices down significantly.

Liquidity continued to decrease from the previous session to nearly VNĐ20.3 trillion (US$777.7 million). 

However, losses were capped by gains in some large-cap stocks. The VN30-Index, tracking the 30 biggest stocks in terms of market capitalisation on HoSE, increased 1.6 points, or 0.11 per cent, to 1,432.99 points. 

In the VN30 basket, 13 stocks gained while 15 fell and two stayed flat. 

While some large-cap stocks supported the VN-Index, such as Vinhomes (VHM), which rose 2.59 per cent, PV Gas (GAS) up 2.31 per cent and Techcombank (TCB) up 1.23 per cent, most major stocks declined. 

For instance, Viecombank (VCB) fell by 0.87 per cent, BIDV (BID) by 0.7 per cent and FPT Corporation (FPT) by 1.52 per cent. 

Little changed for the HNX-Index on the Hanoi Stock Exchange (HNX) on June 18, with the index closing at 228.2 points. 

During the session, nearly VNĐ1.4 trillion poured into the northern bourse, equivalent to a trading volume of 72.9 million shares. 

Meanwhile, foreign investors reversed their recent buying trend and net sold nearly VNĐ247 billion on the two main stock exchanges. 

Bizhub