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Market falls on strong selling forces
Shares inched down on Wednesday, weighed by strong selling pressure across most sectors despite gains in some large-cap stocks.
The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) declined by 0.22 per cent to 1,376.87 points. The market's breath stayed negative with 298 stocks falling, while 94 stocks rose and 51 ended flat.
The liquidity was high as more than 710.77 million shares were traded on the market, worth over VND21.1 trillion (US$528.6 million).
The market was weighed by selling forces despite rallies in large-cap stocks, especially bank stocks.
The VN30-Index, which tracks 30 biggest stocks in market capitalisation on HoSE, climbed slightly 0.02 per cent to 1,489.53 points. Twenty stocks of the VN30 basket plummeted, while only nine jumped and one stayed unchanged.
Stocks in many sectors posted negative performance yesterday with material stocks leading the market's trend. Vietnam Rubber Group (GVR) witnessed the biggest losses, down 2.47 per cent, followed by No Va Land Investment Group Corporation (Novaland, NVL), Vingroup JSC (VIC) and Mansan Group (MSN), down 0.5 - 1.57 per cent.
However, the losses were limited by gains in bank stocks. Of which, Vietcombank (VCB) was the biggest gainer in the market, up 1.95 per cent. Other stocks witnessing big increases were Vietinbank (CTG), VPBank (VPB) and Saigon Beer - Alcohol - Beverage Corporation (SAB), up more than 1.5 per cent.
The market has fluctuated since the beginning of the week with alternative up and down sessions.
Analysts from Saigon - Hanoi Securities JSC (SHS) said that based on Elliot Theory, there is still room for an upward trend with a resistance level of around 1,400 points.
Investors who took profits last week should refrain from opening long positions at the current price and wait until the market corrects deeper to come back, SHS added.
On the Ha Noi Stock Exchange (HNX), the HNX-Index plunged 0.41 per cent to 315.8 points.
During the trading session, more than 126.2 million shares were traded on the northern bourse, worth nearly VND3 trillion.
Meanwhile, foreign investors returned to the market as they net bought a value of VND159.5 billion on both exchanges. Of which, they net bought a value of VND144.44 billion on HoSE, and a value of VND15.06 billion on HNX.
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