Shares reverse to end lower, sectors suffer
Investors need to avoid chasing and keep their portfolio proportions at a reasonable level, while monitoring supply and demand development at the resistance area to reassess the state of the market."
Việt Dragon Securities Co.
NỘI Vietnamese shares reversed course to end lower yesterday as large-cap stocks in a series of industries suffered selling pressure, especially banking, securities and energy.
On the Hồ Chí Minh Stock Exchange (HOSE), the Vn-index lost 0.05 per cent to close at 1204.97 points. It had gained 2.4 per cent in the last session.
Nearly 570 million shares were traded on the southern bourse, worth VNĐ14 trillion (US$552 million).
The market's breadth returned to a negative zone with more stocks losing points. There were 166 gainers and 293 losers.
The 30 biggest stocks tracker VN30-INdex rose 0.13 per cent, to 1,233.72 points. In the VN30 basket, 11 stocks increased, while 16 stocks declined. The other stocks finished flat.
The selling pressure was triggered among large-cap stocks across multiple industries, with notable impacts seen in the banking, securities and energy sectors. The banking group lost ground with losers including Asia Commercial Bank (ACB), VIB Bank (VIB), Tiên Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), Military Bank (MBB), Bank for Investment and Development of Vietnam (BID), Vpbank (VPB) and Sacombank (STB).
The energy sector, encompassing companies involved in oil, gas and renewable energy, also saw negative movements. Energy stocks suffered with Việt Nam National Petroleum Group (PLX), Bình Sơn Refining and Petrochemical Company Limited (BSR), Petrovietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC) all falling.
Vn-index's loss was also broadened as securities stocks dropped, such as SSI Securities Inc (SSI), Việt Capital Incorporation (VCI) and APG Securities Joint Stock Company (APG).
"Investors need to avoid chasing and keep their portfolio proportions at a reasonable level, while monitoring supply and demand development at the resistance area to reassess the state of the market. At this point, investors should still consider rallies to take profits or structure your portfolio to minimise risk," said Việt Dragon Securities Co.
The Hnx-index on the Hà Nội Stock Exchange (HNX) declined 0.13 per cent, to close yesterday at 227.57 points.
Some 55 million shares were traded on the northern exchange, worth VNĐ1 trillion.