Market corrects as sentiment remains cautious

Market corrects as sentiment remains cautious

The VN-Index on the Hochiminh Stock Exchange (HoSE) dropped more than 15 points, moving back towards the psychological 1,800-point level.

A vessel of Petrovietnam Transportation Corporation. Shares of the company plunged more than 4 per cent on Wednesday, weighing on the market's trend. — Photo pvtrans.com

The stock market reversed course to finish lower on Wednesday, with the VN-Index moving back towards the psychological 1,800-point level, as declines in Vin stocks outweighed gains among several banking shares.

The VN-Index on the Hochiminh Stock Exchange (HoSE) dropped 15.28 points to 1,801.65 points. 

It spent most of the session above its reference level before selling pressure intensified towards the close. The VN30-Index followed a similar pattern, repeatedly switching between gains and losses before falling more than 10 points in the final minutes.

The breadth of the market was negative, as the number of decliners surpassed that of gainers by 174 to 133. Liquidity, however, improved from the previous trade, increasing to over VNĐ17.7 trillion (US$682.6 million). 

According to several securities companies, cautious investor sentiment amid a lack of supportive information has prevented the VN-Index from breaking decisively above 1,800 points.

Vingroup-related stocks remained the biggest influence on the benchmark.

Vingroup (VIC) alone took more than 12 points off the VN-Index, while Vinhomes (VHM) fell 1.7 per cent and cost the index another two points. Vinpearl (VPL) fell 3.2 per cent, subtracting around one point.

Together, the three stocks dragged the VN-Index down by 15.5 points.

Elsewhere, Vietcombank (VCB) declined 0.7 per cent, while PV Gas (GAS) dropped 1.4 per cent, Masan Consumer Corporation (MCH) lost 1.2 per cent and Vietinbank (CTG) fell 0.8 per cent. 

Petrovietnam Transportation Corporation (PVT) declined 4.1 per cent, the steepest fall among stocks recording trading value of more than VNĐ100 billion.

Banking stocks were mixed but tilted towards gains, with 13 lenders advancing and eight declining on HoSE. The sector contributed a combined 1.6 points to the benchmark.

Techcombank (TCB) gained 2.6 per cent and added 1.2 points, the largest positive contribution in the market. It also led market liquidity with matched trading value of VNĐ1.29 trillion. LPBank (LPB) rose 2.2 per cent, Maritime Bank (MSB) 4.8 per cent, HDBank (HDB) 1.6 per cent and TPBank (TPB) 3.5 per cent.

On the Hanoi Stock Exchange (HNX), the HNX-Index also lost 0.48 points to 276.45 points.

Foreign investors remained cautious after Việt Nam's market upgrade. They recorded net selling of more than VNĐ1 trillion on HoSE, the highest level in three weeks.

Looking ahead, analysts at Tien Phong Securities (TPS) said a correction and retest of the 1,715–1,750 support zone could still occur. For a clearer recovery signal, the VN-Index would need to overcome key resistance levels above 1,800 points alongside improvements in liquidity and market breadth. 

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