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Indices stumble as selling forces dominate the market
The market continued the downward trend from the morning to end lower on Monday amid strong selling forces.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index started off the afternoon session with a falling wedge pattern. It rebounded at around 2pm but the buying forces were not strong enough to lift the index out of the red zone.
The index then continued its bearish movement to end at 1,180.40 points, down 36.9 points compared to the previous session, or 3.03 per cent.
The market’s breadth was negative with decliners outnumbering advancers by 318 to 56. Notably, 139 stocks hit floor prices whereas just six hitting ceiling prices.
The market’s liquidity was mildly elevated with 620 million shares traded on the southern bourse, equivalent to VND14 trillion (US$603 million).
The 30 biggest stock tracker VN30-Index reconfirmed the bearish trend by losing 32.47 points, or 2.58 per cent, to stay at 1,225.56 points. In the basket, only two stocks climbed while the rest slid.
PetroVietnam Gas (GAS) was leading the market decline with a drop of 6.94 per cent. Other notable stocks dragging down indices included Bank for Investment and Development (BID), Masan Group (MSN), Hoa Phat Group (HPG), Techcombank (TCB) and VietinBank (CTG).
By sector, the bearish market was fueled mainly by financial firms, which dropped by 7.75 per cent sector-wide. Specifically, IPA Investments Group (IPA) lost 9.74 per cent, Ocean Group (OGC) 6.64 per cent, and Tri Viet Asset Management (TVC) 4.11 per cent.
Another sector contributing to the market stumble was mining and oil, with PetroVietnam Technical Services (PVS) contracting by 9.87 per cent in market cap. PetroVietnam Drilling and Well Services (PVD) followed suit with a fall of 7 per cent, and Binh Duong Mineral and Construction (KSB) with 6.96 per cent.
In the realty sector, the trio stocks of the Vin family – Vingroup (VIC), Vincome (VRE) and Vinhomes (VHM) – saw red on the screen. Other big names including No Va Land (NVL), Investment and Industrial Development (BCM) and Phat Dat Real Estate (PDR) could not buck the downward trend either.
Banking stocks were coming under selling pressure with the largest market-cap Vietcombank (VCB) dropping slightly by 0.13 per cent. Other big banks decreased more visibly with Bank for Investment and Development (BID) down 6.65 per cent, Techcombank (TCB) 4.35 per cent and VietinBank 4.03 per cent.
The HNX-Index on the Ha Noi Stock Exchange (HNX) lost 12.14 points, or 4.33 per cent, to reach 267.92 points.
Foreign investors withdrew from the market as they net sold a total of VND615.55 billion of shares on the two main exchanges. Of which, they net sold VND604.43 on HoSE and VND11.12 billion on HNX.
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