VN-Index falls for third straight session

VN-Index falls for third straight session

After a sharp drop of more than 40 points in the first session of the week, the market reportedly continued to send negative signals, with the index falling by nearly 13 points and extending its downwards adjustment, keeping hopes for a fast rebound fragile.

A vessel unlpoading LNG at Thi Vai Terminal, which is run by PV Gas, in HCM City. Shares of PV Gas logged the maximum daily loss of 7 per cent on Tuesday, weighing on the market. — Photo pvgas.com.vn

Indices closed lower again on Tuesday as reduced trading liquidity and limited buying interest were unable to absorb the day's selling pressure. 

After a sharp drop of more than 40 points in the first session of the week, the market continued to show negative signals, with the index falling by nearly 13 points and extending its downwards adjustment, leaving hopes for a fast rebound fragile.

The benchmark VN-Index on the Hochiminh Stock Exchange (HoSE) decreased by 12.95 points to 1,730.56 points. 

Market breadth was negative as 196 stocks declined, nearly doubling the number of gainers. Liquidity, however, increased from the previous session to over VNĐ23 trillion (US$874 million).

The VN30-Index, tracking the 30 biggest stocks on HoSE, closed at 1,881.32 points, down by six points. In the VN30 basket, 16 stocks ticked down while nine inched higher and five ended flat.

On the Hanoi Stock Exchange (HNX), the HNX-Index also decreased 3.67 points to 280.74 points. 

Energy was the weakest sector, with its sector index down 5.81 per cent. Several oil and gas names faced heavy selling pressure, with PV Gas (GAS) and PetroVietnam Technical Services Corporation (PVS) falling to the daily limit, while PetroVietnam Refining and Petrochemical Corporation (BSR) dipped 6.49 per cent, PetroVietnam Chemical and Services (PVC) dropped 6.3 per cent, Petrolimex (PLX) plummeted 4.81 per cent and PV Drilling (PVD) was down 4.15 per cent.

In contrast, the financial sector was a relative bright spot, down only 0.04 per cent, supported by positive performance in banking and securities stocks. 

More specifically, SSI Securities (SSI) rose 2.2 per cent, VPBank (VPB) gained 1.4 per cent, BVBank (BVB) increased 2.29 per cent and HDBank (HDB) climbed 0.37 per cent. 

Foreign investors returned to net buying, with net purchases of nearly VNĐ69 billion on HoSE. They directed net buying towards Sahabank (SHB), HDB, Vinamilk (VNM), Mobile World Investment Corporation (MWG) and Hoa Phat Group (HPG), while cutting positions through net selling in Vingroup (VIC), FPT Corporation (FPT) and GAS.

The movement helped ease some pressure on market sentiment, although analysts said it is not yet enough to create momentum for the indices to rebound, as selling pressure still dominates. 

Bizhub