Friday, 15/09/2023 07:39

Market extends losses on realty stocks

Shares extended losses, weighed by rising selling pressure, while foreign investors continued to run away from the southern market.

Inside a warehouse of Hoà Phát Group. Shares of the leading steel producer tumbled more than 2.1 per cent on Thursday, weighing on the market's sentiment. — Photo

The market’s benchmark VN-Index on the Hồ Chí Minh Stock Exchange lost 14.58 points, or 1.18 per cent, to close Thursday at 1,223.81 points. Today’s fall marked the index’s second straight daily loss.

The breadth of the market was negative as up to 267 stocks decreased, while 69 ticker symbols ticked up. Liquidity also dipped over the previous session, with both trading volume and value down 3.2 per cent and 10 per cent, respectively, to 1.2 billion shares and nearly VNĐ27 trillion (US$1.1 billion).

The 30 biggest stock tracker VN30-Index also declined nearly 14 per cent, or 1.11 points, to 1,234.06 points. In the VN30 basket, only seven stocks increased, while 21 inched down and two closed flat.

Similarly, the HNX-Index on the Hà Nội Stock Exchange (HNX) dropped 4.25 per cent, or 1.66 points, to 251.86 points.

Investors poured nearly VNĐ2.8 trillion into the northern market, equivalent to a trading volume of 130.8 million shares.

Analysts from Saigon-Hanoi Securities JSC (SHS) said that in the short term, the market is approaching the VN-Index’s resistance level of around 1,250 points and has continuously witnessed correction, fluctuation and accumulation.

SHS recommended that short-term investors should maintain a portfolio with an average proportion and continue to watch the market developments.

“Disbursement should only be done if the VN-Index surpasses 1,250 points with strong momentum,” SHS added.

The real estate group remained the market’s leaders today. In particular, Vingroup (VIC) was the biggest loser, with a decline of 6.25 per cent, followed Vinhomes (VHM), down 5.95 per cent.

Other pillars in the industry facing big falls were Novaland (NVL), Development Investment Construction JSC (DIG), Đất Xanh Group (DXG), and Phát Đạt Real Estate Development JSC (PDR). All the stocks lost at least 2.3 per cent.

Also pressuring the market, manufacturing stocks like Hoà Phát Group (HPG), Hoa Sen Group (HPG), Masan Group (MSN), Gelex Group (GEX), Nam Kim Group (NKG), and Petro Viet Nam Ca Mau Fertilizer JSC (DCM) plunged in a range of 1.6-4.8 per cent.

Limiting the downtrend, some banking stocks performed well, with Vietinbank (CTG) being the biggest gainer of 2 per cent in market capitalisation.

On the other hand, foreign investors continued to be net seller on the market as they net sold more than VNĐ208.2 billion on HoSE. However, they net bought a value of VNĐ13.8 billion on HNX. 


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