Market extends fall for second day

Market extends fall for second day

Also weighing on the market, foreign investors continued their selling streak for a second consecutive session, net selling VNĐ291.22 billion on HoSE.

An employee talks to a customer at a Ho Chi Minh Securities office. Shares of the securities firm dipped 7 per cent on Wednesday, adding pressure to the market. — Photo courtesy of the company

The domestic stock market fell on Wednesday, primarily influenced by adverse sentiments from the US markets. 

This led to a widespread sell-off among investors, pushing the VN-Index down nearly 35 points earlier in the session, breaching the critical support level of 1,860 points and extending a two-day decline.

By the end of the trading session, the VN-Index, which represents the Hochiminh Stock Exchange (HoSE), closed at 1,885.4 points, down 8.34 points or 0.44 per cent. 

The exchange was predominantly in negative territory, with nearly 250 stocks declining, while fewer than 100 saw gains. 

Among large-cap stocks, there was significant divergence as 20 stocks fell, double the number of those that increased.

Meanwhile, the southern market’s liquidity rose from the previous session, with over 1.2 billion shares worth nearly VNĐ37.3 trillion (US$1.4 billion) traded.

The securities sector faced considerable sell-off pressure following the end of the financial reporting season. 

Ho Chi Minh Securities (HCM) shares hit the floor price at VNĐ23,750. Other firms reporting significant profits, such as VIX Securities (VIX), Saigon - Hanoi Securities (SHS), MB Securities (MBS), SSI Securities (SSI) and VPBank Securities (VPX), also saw their prices decline by over 2.5 per cent. 

Notably, Techcom Securities (TCX) bucked the trend, gaining 1.4 per cent.

In the banking sector, bearish sentiment prevailed. Eximbank (EIB) led the declines with a drop of 3.1 per cent, while VPBank (VPB), Kien Long Bank (KLB), Seabank (SSB), MBBank (MBB), VPBank Securities (VIB) and TPBank (TPB) each lost more than 1.4 per cent. 

In contrast, Sacombank (STB) surged to its ceiling price, helping to mitigate a deeper overall decline.

The real estate sector was also under selling pressure, with major developers such as Nam Long, Khang Dien, Dat Xanh and Novaland experiencing decreases between 1-3 per cent. 

In a rare positive development, the oil and gas sector uniformly recorded gains. While most stocks fell initially, they reversed course in the final moments of trading. 

Binh Son Refining and Petrochemical JSC (BSR) logged the maximum daily gain of 7 per cent. 

Other stocks like PV Gas (GAS), PV Drilling (PVD), PV Power (POW), PetroVietnam Transportation Corporation (PVT), PV OIL (OIL) and Petrolimex (PLX) accumulated gains between 0.5 per cent and 5 per cent.

On the Hanoi Stock Exchange (HNX), the HNX-Index declined by 0.45 points, or 0.18 per cent, to 252.66 points. 

Foreign investors continued their selling streak for a second consecutive session, net selling VNĐ291.22 billion on HoSE. They net bought nearly VNĐ89.6 billion on HNX.

Analysts from Vietcombank Securities said that the market currently faces fluctuations around the 1,900-point level. They noted that capital is seeking investment opportunities and moving between sectors that have not shown strong upward momentum recently, such as transportation and consumer goods.

Investors are advised to closely monitor market developments in the coming sessions and be cautious when making new purchases. 

Bizhub