VN-Index falls below 1,820 point-level

VN-Index falls below 1,820 point-level

Selling pressure continued to weigh on the market on Wednesday, pushing the VN-Index below 1,820 points.

On the Hochiminh Stock Exchange (HoSE), the VN-Index dropped 7.46 points, or 0.41 per cent, to 1,819.01 points, marking a seventh consecutive losing session.

Market breadth was slightly positive, with 173 stocks advancing and 133 declining. Liquidity on the southern bourse increased from the previous session to over VNĐ20.6 trillion (US$780.5 million), equivalent to a trading volume of more than 722.9 million shares.

The VN30-Index, which tracks the 30 largest stocks on HoSE, moved in the opposite direction, rising 1.61 points to 1,974.6 points. In the VN30 basket, 20 ticker symbols inched higher, while seven went down and three stayed flat.

Despite gains in the VN30 basket, this was not sufficient to lift the broader HoSE benchmark out of negative territory.

A key feature of the session was downward pressure from Vingroup-related stocks. Vingroup (VIC) alone took away more than 11.6 points from the VN-Index, while Vinhomes (VHM) reduced it by about 2.1 points.

Other stocks adding pressure to the market included LPBank (LPB), Techcombank (TCB), Vincom Retail (VRE), Novaland (NVL) and Sacombank (STB).

On the supporting side, PV Gas (GAS) was the strongest contributor to the VN-Index, followed by Asia Commercial Joint Stock Bank (ACB), MBBank (MBB), Hoa Phat Group (HPG), Masan Group (MSN), FPT Corporation (FPT), Vietcombank (VCB) and HDBank (HDB).

In real estate, Novaland (NVL) remained the main focus after falling 4.23 per cent following a prior floor-down session. Trading volume surged to more than 52.4 million units, double the previous session, making it one of the most liquid stocks on HoSE.

Another real estate name, KSF of Sunshine Group, also drew attention. It fell to the flooring-down level after three consecutive ceiling-up sessions.

The HNX-Index on the Hanoi Stock Exchange (HNX), however, gained 2.69 points, or 0.85 per cent, to 317.48 points.

The session also showed continued heavy foreign selling. On HoSE alone, overseas investors were net sellers of about VNĐ685 billion, extending the net selling streak to ten consecutive sessions. 

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