VN-Index snaps recovery, dropping below 1,650 points

VN-Index snaps recovery, dropping below 1,650 points

Foreign investors also maintained a net selling trend, offloading more than VNĐ745.6 billion on HoSE.

A Bao Viet Holdings transaction office. Shares of the company tumbled more than 5 per cent on Thursday, adding pressure to the market's reversal. — Photo courtesy of the company

The stock market reversed course on Thursday, returning to the downside after two strong recovery sessions as widespread profit‑taking weighed on major sectors and dragged the VN‑Index below the 1,650 threshold.

On the Hochiminh Stock Exchange (HoSE), the VN‑Index closed down 13.56 points, or 0.82 per cent, at 1,644.63 points. 

The breadth of the southern exchange was negative, as 207 stocks declined while 123 stocks increased. Liquidity remained weak at nearly VNĐ21.7 trillion (US$822 million). 

The 30 biggest stocks tracker VN30-Index also dipped 23.48 points, or 1.29 per cent, to 1,791.25 points. In the VN30 basket, 25 ticker symbols fell while only three edged up and two ended flat. 

Similarly, the HNX‑Index on the Hanoi Stock Exchange (HNX) sank 1.46 points, or 0.58 per cent, to 248.21 points. 

The market's two‑session rebound, which had recovered more than 66 points, was halted as selling pressure re-emerged, particularly among large-cap stocks. 

Financial institutions spanning banks, securities and insurance industries registered broad declines and were among the principal drags on the VN‑Index.

Notable drops included Bao Viet Holdings (BVH) down 5.12 per cent, Sacombank (STB) falling 2.57 per cent, Techcombank (TCB) tumbling 2.11 per cent, BIDV (BID) down 1.52 per cent, TPBank (TPB) declining 1.55 per cent and HDBank (HDB) decreasing 1.41 per cent. 

Brokerages also retreated, with SSI Securities (SSI), MB Securities (MBS), VPS Securities (VCK), Techcom Securities (TCX) and VIX Securities falling in a range of 1.2-2.1 per cent. 

Real estate, oil and gas stocks were also trading lower. 

However, a few pockets of strength stood out amid the weakness. Industrial and fertiliser chemical stocks posted notable gains. In particular, Viettel Post (VTP) hit the ceiling price, Gelex Electricity (GEE) advanced 4.06 per cent, Ho Chi Minh City Infrastructure Investment (CII) rose 2.25 per cent, Coteccons (CTD) added 1.66 per cent and PC1 Group (PC1) gained 1.43 per cent. 

Fertiliser and chemical names PetroVietnam Ca Mau Fertiliser (DCM) and Petrovietnam Fertiliser and Chemicals Corporation (DPM) were significant outperformers, with DCM reaching the ceiling and DPM climbing 5.78 per cent.

Foreign investors maintained a net selling trend, offloading more than VNĐ745.6 billion on HoSE. 

Bizhub