Market ends lower on rising selling force

Market ends lower on rising selling force

BIDV (BID) was the market's most negative influencer, erasing 1.45 points from the VN-Index.

At a transaction office of BIDV. Shares of the lender fell over 2.2 per cent on Friday, leading the market's downtrend. — Photo courtesy of the bank

Indices closed the week on a negative note as selling pressure increased across several large-cap stocks, while foreign investors continued to net sell a large amount on the market. 

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index fell 5.94 points to 1,824.53 points. 

The market remained in the negative zone, with 205 stocks declining and 84 stocks increasing. Trading value was reported at more than VNĐ18.8 trillion (US$714.4 million), while nearly 608 million shares changed hands. 

The VN-Index opened in negative territory and remained in a state of choppy consolidation below the reference level for most of the session. Although there were moments when the decline appeared to narrow, buying demand was not described as strong enough to reverse the direction of the market into a successful rebound.

The VN30-Index also performed poorly, ending lower at 1,963.57 points. Within the VN30 basket, up to 20 ticker symbols decreased, while seven finished higher and three stayed flat. 

BIDV (BID) was the market's most negative influencer. Shares of the lenders dipped 2.2 per cent, erasing 1.45 points from the VN-Index. 

It was followed by Masan Consumer Corporation (MCH), VPBank (VPB), MBBank (MBB), Vietnam Rubber Group (GVR) and Techcombank (TCB). 

The market pared losses on the back of some pillars, led by Vinhomes (VHM). The property developer's shares gained 0.62 per cent.

Other big names posting positive performances were LPBank (LPB), Sacombank (STB), Techcom Securities (TCX) and Vietjet Aviation (VJC). These stocks rose in a range of 1.5-2.1 per cent. 

On the Hanoi Stock Exchange (HNX), the HNX-Index dropped 11.33 points to 324.83 points. Over 53.6 million shares were traded on the northern bourse, worth nearly VNĐ911 billion. 

Foreign investors continued to weigh on HoSE, net selling over VNĐ1.6 trillion.

Analysts from securities firms said that current market behaviour suggests the market is in a price-based accumulation phase after an extended series of declines. 

Certain external uncertainties, such as the upcoming US Federal Reserve (Fed) meeting and geopolitical tensions, have eased somewhat. Global oil prices were reported to have moved down to the $74-77 per barrel range, closer to levels before the latest conflict-related escalation.

As a result, the near-term determinant for Việt Nam's stock market was described as the ability of domestic capital flows to improve and expectations ahead of the upcoming semiannual earnings season.

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