Selling force causes VN-Index to lose nearly 30 points

Selling force causes VN-Index to lose nearly 30 points

Foreign investors continued their three-day trend of selling, offloading over VNĐ839 billion worth of shares on HoSE and VNĐ89.42 billion on HNX.

A customer conducts a transaction at a BIDV office. Shares of the lender hit the floor price on Thursday, weighing on the market sentiment. — Photo vietnamplus.vn

The market witnessed significant profit-taking pressure on Thursday following a surge in the VN-Index above the 1,900-point threshold, marking two consecutive days of decline. 

Large-cap stocks faced selling pressure that led the VN-Index to lose nearly 30 points, breaching several key support levels, despite a majority of stocks closing in the green.

The benchmark VN-Index on the Hochiminh Stock Exchange (HoSE) dipped 29.64 points, or 1.56 per cent, to close at 1,864.8 points. Earlier, the index lost nearly 50 points, falling below the 1,850 mark.  

The southern bourse recorded the number of gainers surpassing that of decliners by 177 to 147. Liquidity fell from the previous session but remained above VNĐ40 trillion. Trading value on HoSE reached over VNĐ40.9 trillion (US$1.6 billion), equivalent to a trading volume of more than 1.2 billion shares. 

Prior to today's trading session, many securities firms predicted an index rebound following previous technical adjustments. However, the market sentiment shifted as strong selling pressure emerged, particularly in leading stocks with significant State ownership.

The VN30-Index, which tracks the 30 biggest stocks in terms of market capitalisation on HoSE, dropped 19.62 points, or 0.95 per cent, to 2,047.48 points. 

On the Hanoi Stock Exchange (HNX), the HNX-Index snapped the rally trend, ending lower at 253.16 points. It decreased 0.16 points, or 0.06 per cent. 

The banking sector saw notable divergence. BIDV (BID) experienced a considerable drop to VNĐ50,700 per share after announcing the issuance of over 264 million private placement shares at VNĐ38,900, 29 per cent below the market price. 

Other major banks, including Vietcombank (VCB), Vietinbank (CTG), Techcombank (TCB) and VPBank (VPB), saw declines ranging from 1.7 per cent to 5.4 per cent.

In contrast, private banks saw capital flow directed toward them. HDBank (HDB) and Sacombank (STB) both touched their ceiling prices, while KienlongBank (KLB) had a positive debut, rising nearly 6 per cent to VNĐ17,150 with over 582 million shares listed. 

Following closely were Vietnam International Commercial Joint Stock Bank (VIB), Asia Commercial Joint Stock Bank (ACB), MBBank (MBB) and Orient Commercial Joint Stock Bank (OCB), each gaining approximately 0.5 - 1.5 per cent.

The real estate sector showed mixed results, with mid- and small-cap stocks like Khang Dien House (KDH) and Ho Chi Minh City Infrastructure Investment JSC (CII) mostly in the green. Conversely, major real estate stocks, including Vingroup (VIC), Vinhomes (VHM), Vincome Retail (VRE), Vinpearl (VPL) and Novaland (NVL), closed lower, with some affiliated with Vingroup experiencing declines of over 4.5 per cent.

The steel sector displayed optimism, with all major stocks closing above reference prices. Vietnam Steel Corporation (TVN) reached its ceiling price of VNĐ9,700, while Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Nam Kim Group (NKG) saw increases ranging from 1.3 per cent to 4.3 per cent.

Foreign investors continued their three-day trend of selling, offloading over VNĐ839 billion worth of shares on HoSE and VNĐ89.42 billion on HNX. 

Bizhub