Vn-index closes week on negative note
The market’s benchmark continued to fall and ended lower yesterday, largely due to sharp declines in banking and real estate stocks.
On the Hồ Chí Minh Stock Exchange (HOSE), the Vn-index fell 3.94 points, or 0.32 per cent, to close the session at 1,244.7 points.
The current short-term market trend shows signs of recovery, but the Vn-index is facing strong resistance around the 1,250 point-level, according to Saigon - Hanoi Securities JSC (SHS).
“Without a significant breakthrough and sustained trading above this resistance, the index could undergo a correction towards lower price levels,” SHS said.
The breadth remained in the negative zone as 176 stocks declined while 142 ticker symbols increased.
Liquidity was weak and dropped 18.6 per cent from the previous trade to VNĐ16.28 trillion (US$639.6 million), with over 669.1 million shares traded on the southern bourse.
The Vn30-index, which tracks the 30 largest HOSE stocks by market capitalisation, also fell 4 points, or 0.31 per cent, to 1,277.47. The number of falling stocks outnumbered the number of gainers in the VN30 basket with 22 stocks decreasing compared to four rising. And there were four sideways closing stocks.
Data compiled by financial news site vietstock.vn shows that the market decline was due to losses in the banking and real estate industries.
In particular, Vietcombank (VCB) was the biggest loser in market capitalisation and led the downturn. Shares of the lender dipped 0.54 per cent.
Other pillars dominating the trend were Vinhomes (VHM), down 1.47 per cent, BIDV (BID) declined 0.91 per cent, VPBank (VPB) fell 1.33 per cent and Vingroup (VHM) down 0.88 per cent.
Vincom Retail (VRE), the last name in the trio of Vin-family stocks, also posted a loss of 1.53 per cent.
By contrast, information technology and securities stocks witnessed positive performances. For example, FPT Corporation (FPT) was up 0.54 per cent, Phát Đạt Real Estate Development JSC (PDR) climbed
3.92 per cent, CMC Corporation (CMG) soared 6.32 per cent, SHS increased 1.06 per cent, VIX Securities Company (VIX) jumped 1.74 per cent and Vndirect Securities Corporation (SSI) jumped 0.97 per cent.
Meanwhile, the Hnx-index on the Hà Nội Stock Exchange (HNX) closed the week higher at 235.68 points, up 1.1 points, or 0.47 per cent. More than 94 million shares were traded on the northern exchange, worth more than VNĐ1.9 trillion.
Foreign investors extended their net selling streak for the third day on the southern bourse. Of which, they net sold VNĐ502.2 billion on HOSE and they net bought over VNĐ29 billion on HNX.