Many penny stocks reach ceiling prices
Benchmark indices moved in different directions yesterday as blue-chip stocks saw a withdrawal in capital while many penny stocks hit ceiling prices.
On the Hồ Chí Minh Stock Exchange (HOSE), the Vn-index decreased 4.52 points, equivalent to 0.36 per cent, to 1,240.18 points. This marks its third straight day of decline.
The market has encountered increased selling pressure in the last two sessions last week, causing the Vn-index to shake and reverse courses. This is normal movement, as the index has recovered 80 points from the bottom. It still recorded an increase of more than 1.9 per cent last week.
According to Saigon-hanoi Securities JSC (SHS), the market is under increased selling pressure as the Vn-index approaches a significant resistance level, leading to continued volatility and instability.
The market breadth on the southern bourse was in positive territory as 176 stocks increased while 149 stocks decreased. Liquidity remains low, with transaction value reaching VNĐ14.7 trillion (US$580 million).
The Vn30-index, tracking the 30 biggest stocks on HOSE, also ticked down to 1,272.53 points, down 4.94 points, or 0.39 per cent. In the VN30 basket, up to 19 ticker symbols fell, seven increased and four ended flat.
Particularly, Vietcombank (VCB) posted the biggest loss and led the market’s downtrend. Shares of the lender dropped 1.09 per cent, erasing 1.37 points from the Vn-index.
Vietinbank (CTG) and BIDV (BID), two of the Big4 Banks, also tumbled today, down 1.7 per cent and 0.9 per cent, respectively.
Other stocks influencing the downturn were FPT Corporation (FPT), down nearly 1 per cent, Vinamilk (VNM) dipped 1.05 per cent and Hoà Phát Group (HPG) decreased 0.8 per cent.
The index pared losses thanks to weak bottom-fishing demand. Vpbank (VPB) was the biggest gainer with an increase of 1.62 per cent, followed by Vietnam Rubber Group (VGR), up more than 1.1 per cent.
Airlines stocks also performed well, with Vietjet Aviation JSC (VJC) climbing 1.63 per cent and Vietnam Airlines (HVN) soar
ing 1.48 per cent.
Small-cap stocks with high speculation were those that attracted cash flow today. Many stocks, such as Viet Nam Ocean Shipping JSC (VOS), ST8 Invesment Development JSC (ST8), An Phat Holdings JSC (APH), DRH Holdings JSC (DRH) and SAM Holdings Corporation (SMA), hit ceiling prices.
On the Hà Nội Exchange (HNX), the Hnx-index extended its rally streak to the eighth day. It closed yesterday at 236.26 points, up 0.68 points, or 0.29 per cent. 77 million shares were traded on the northern exchange, worth more than VNĐ1.5 trillion.