Market snaps two-day gain streak

Market snaps two-day gain streak

Vingroup (VIC) contributed the most to the market's downturn, erasing over 1.8 points from the VN-Index.

Customers conduct transactions at an office of Vietcombank. The lender's shares plunged nearly 1.4 per cent on Thursday, putting pressure on the market. — VNA/VNS Photo

The market reversed its recent course to decline on Thursday as profit-taking activities and lower liquidity weighed on sentiment.

On the Hochiminh Stock Exchange (HoSE), the VN-Index decreased 8.11 points, or 0.48 per cent, to 1,694.82 points. The move snapped the index's two-day gain streak.

The breadth of the market fell into the negative zone as the number of decliners surpassed that of gainers by 244 to 82. Liquidity remained at a high level but decreased from the previous session to nearly VNĐ27.4 trillion (US$1 billion).

The 30 biggest stock trackers, VN30-Index, also fell 8.85 points, or 0.48 per cent, to 1,852.99 points. Up to 25 stocks went down, eight times more than those that increased. 

Data compiled by a financial website, vietstock.vn, showed that Vingroup (VIC) contributed the most to the market's downturn, erasing over 1.8 points from the VN-Index. 

Other big negative influencers were mostly from the banking sector, such as Vietcombank (VCB) dropping 1.36 per cent, VPBank (VPB) dipping 2.05 per cent, BIDV (BID) down 1.37 per cent, Vietinbank (CTG) declining 1.29 per cent and Techcombank (TCB) decreasing 1.46 per cent. 

The index pared losses thanks to gains in some pillars, which were led by Vinhomes (VHM). Shares of the property developer hit the maximum daily gain of 7 per cent. 

Notably, Duc Giang Chemicals Group (DCG) also posted a strong performance, logging the daily limit of 7 per cent. 

The HNX-Index on the Hanoi Stock Exchange (HNX) decreased 1.1 points, or 0.44 per cent, to 250.36 points. During the session, investors poured more than VNĐ 1.2 trillion on the northern bourse, equivalent to a trading volume of 67 million shares. 

Also cushioning the market's bearish trend, foreign investors returned to the market, ending their long net-selling streak. They net bought up to VNĐ3 trillion on HoSE, mainly concentrating on Vinpearl (VPL) shares with a value of over VNĐ4 trillion. 

In addition, Masan Group (MSN) saw net buying of more than VNĐ103 billion, VPS Securities (VCK) nearly VNĐ99 billion and SSI Securities (SSI) about VNĐ75 billion.

The correction showed that the market remains sensitive to global geopolitical risks. However, support from several large-cap stocks and strong net buying by foreign investors continues to help the market maintain its current level. 

Bizhub