Market mixed as VN-Index struggles above 1,500 points

Market mixed as VN-Index struggles above 1,500 points

Also weighing on the market were foreign investors, who net sold a large amount of stocks on the main exchange, withdrawing a net of VNĐ1.9 trillion worth of shares.

FPT Corporation headquarters in Hà Nội. Shares of the company plunged nearly 2 per cent on Thursday. — Photo courtesy of the company

The VN-Index finished the last trading day of July on a negative note, weighed down by strong selling pressure, although losses were capped in the last trading minutes on high liquidity. 

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index declined by 5.11 points, or 0.34 per cent, to 1,502.52 points.

Market breadth remained in the positive territory, as the number of gainers surpassed that of decliners by 169 to 150. Liquidity stayed high at over VNĐ43.4 trillion (US$1.7 billion), equivalent to a trading volume of nearly 1.7 billion shares. 

After its recovery in the previous session, the benchmark index faced strong correction again in the morning with a fall of over 15 points. It hit the session low at 1,488 points early in the trading day. 

The 30 biggest stocks tracker, VN30-Index, also closed lower at 1,615.23 points, down 15.55 points, or 0.95 per cent. In the VN30 basket, 11 ticker symbols increased, while 16 decreased and three ended unchanged. 

The decline was primarily driven by the performance of three major stocks in the Vinfamily: Vingroup (VIC), Vinhomes (VHM) and Vinpearl (VPL). These stocks dropped 3.65 per cent, 1.64 per cent and 3.05 per cent, respectively, contributing nearly six points to the market's losses. 

Other significant contributors to the downturn included Vietcombank (VCB), Techcombank (TCB), Vinamilk (VNM), Hoa Phat Group (HPG), FPT Corporation (FPT), Mobile World Investment Corporation (MWG), BIDV (BID) and Vietinbank (CTG).

Also weighing on the market were foreign investors, who net sold a large amount of stocks on the main exchange, withdrawing a net VNĐ1.9 trillion worth of shares.

The index pared losses on gains by some major players, led by Saigon-Hanoi Bank (SHB). Shares of the lender posted the biggest daily gain of 7 per cent, followed by VPBank (VPB), Becamex (BCM) and VIX Securities JSC (VIX).

Market analysts project that the VN-Index is likely to continue its recovery and test the previous resistance levels of 1,520 to 1,536 points. The short-term outlook for the VN-Index remains positive, supported by the psychological barrier of 1,500 points, with stronger support around 1,470 points, which reflects the average over the last 20 trading sessions.

In contrast, the HNX-Index on the Hanoi Stock Exchange (HNX) inched higher by 4.83 points, or 1.85 per cent, to 266.34 points. More than 198.6 million shares worth VNĐ4.2 trillion were traded on the northern bourse. 

Bizhub