VN-Index tests 1,740-point support

VN-Index tests 1,740-point support

Many large-cap stocks, especially banking and Vin-related stocks, came under heavy selling pressure during the afternoon session.

Customers conduct transactions in the Sahabank office. Shares of the lender hit the daily floor on Thursday, weighing on the market's trend. Photo vietnamplus.vn

The benchmark VN-Index gave up its morning gains on Wednesday as a broad sell-off in banking stocks and major Vingroup-related shares dragged the market lower, while several mid- and small-cap stocks bucked the trend with strong gains.

The VN-Index on the Hochiminh Stock Exchange (HoSE) closed down 14.42 points at 1,738.97, returning to its closing level on October 2. This marked a sharp reversal from the morning session, when the index had edged up 0.57 points.

Market breath was negative, with decliners outnumbering gainers 190 to 122. Liquidity remained low, reaching nearly VNĐ16 trillion (US$613 million). 

The VN30-Index, tracking the 30 largest stocks on the HoSE, also fell 17.2 points to 1,877 points. Within the VN30 basket, 21 stocks ticked down while eight inched higher and one ended flat. 

Large-cap stocks came under heavy selling pressure during the afternoon session, with Vinhomes (VHM) and Vingroup (VIC) among the main drags on the market.

VHM fell 3.38 per cent, while VIC also gave up its morning gains to close 0.87 per cent lower. The two stocks knocked more than 7 points off the VN-Index. 

Selling pressure also spread to banking stocks in the VN30 basket.

Sahabank (SHB) suffered the sharpest decline, logging the maximum daily loss of 7 per cent. 

LPBank (LPB) also faced strong selling pressure, finishing the session down 3.21 per cent, while BIDV (BID) lost 1.74 per cent, Vietinbank (CTG) fell 1.85 per cent and Techcombank (TCB) was down 1.24 per cent.

Among the banking stocks in the VN30 basket, only Sacombank (STB) and VPBank (VPB) remained above the reference prices, with STB rebounding to close 0.75 per cent higher and VPB increasing 0.21 per cent.

Despite the broad-based selling pressure, a number of mid- and small-cap stocks bucked the broader market trend with strong gains. Twelve HoSE-listed stocks hit their ceiling prices, including Navico (ANV), South Basic Chemicals JSC (CSV), Pinaco (PAC), IDI International Development and Investment Corporation (IDI) and Sao Ta Foods JSC (FMC), although most had relatively low liquidity.

Stocks attracting stronger investor interest also posted strong gains. Petrolimex (PLX) advanced 3.87 per cent with a trading value of VNĐ375.6 billion, while PV Trans Corporation (PVT) rose 2.82 per cent with VNĐ347.5 billion in trading value.

On the Hanoi Stock Exchange (HNX), the HNX-Index fell 3.6 points to 256.22 points. More than 60 million shares were traded on the northern bourse, worth nearly VNĐ885.2 billion. 

Foreign investors continued to be net sellers on the market, with net sales of more than VNĐ451 billion on the HoSE.  

Bizhub