Selling force pushes VN-Index below 1,800 points

Selling force pushes VN-Index below 1,800 points

The market's breadth on the HoSE was negative, with the number of decliners surpassing that of gainers by 216 to 95.

The market's benchmark closed below 1,800 points for the second time this week. — Screen shot photo

Benchmark indices were mixed on Friday, with persistent selling pressure pushing the VN-Index down and leading it to officially lose the psychological 1,800-point threshold.

On the Hochiminh Stock Exchange (HoSE), the VN-Index fell 16.79 points to 1,787.45 points. Earlier, the index even broke below the 1,780-point zone.

The market's breadth was negative, with the number of decliners surpassing that of gainers by 216 to 95. Liquidity dipped to over VNĐ11.6 trillion (US$442 million). 

The downward pressure centred primarily on large-cap stocks. The VN30-Index decreased 10 points to 1,931.65 points. Within the VN30 basket, up to 23 stocks ticked down, while only five finished higher and two stayed flat. 

The Vingroup (VIC) - Vinhomes (VHM) pair continued to be the biggest drag on the index, together taking away nearly 7 points from the VN-Index, with VIC down 1.4 per cent and VHM down 1.6 per cent.

Heavy selling was also seen in banking names such as Vietinbank (CTG), Vietcombank (VCB), MBBank (MBB) and Techcombank (TCB), alongside energy-related stocks including PV Gas (GAS) and Petrovietnam Refining and Petrochemical Corporation (BSR).

One exception within the oil and gas complex was PV Oil (OIL), which reportedly gained 0.71 per cent.

The losses were limited by gains from some names, which were led by Vinamilk (VNM). Shares of the dairy producer soared 5 per cent, contributing 1.31 points to the index. 

Other positive performers included Sacombank (STB), up 2.37 per cent, LPBank (LPB), up 1.73 per cent, Phu Nhuan Jewellery (PNJ), soaring 5.13 per cent, VPBank Securities (VPX), up 2.6 per cent and Ho Chi Minh City Securities (HCM), up 2 per cent.

On the Hanoi Stock Exchange (HNX), the HNX-Index rose 3.4 points, or 1.17 per cent, to 291.7 points. 

Foreign trading continued to weigh on the market, with net selling of more than VNĐ678.74 billion on HoSE and VNĐ11.48 billion on HNX.

According to market analysts, the market still carries risks in the short term because sell pressure has not fully faded. VN-Index is reportedly returning to test the support zone of 1,770–1,780 after three straight weeks of adjustment, while the next trend may require additional confirmation signals. 

Bizhub