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Shares reverse to end lower as industries lose ground
Vietnamese shares reversed course to end lower on Wednesday as large-cap stocks in a series of industries suffered selling pressure, especially banking, securities and energy.
Facilities of Bình Sơn Refining and Petrochemical Company Limited (BSR). BSR lost 0.5 per cent yesterday. — VNA/VNS Photo
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On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index lost 0.57 per cent to close at 1,262.73 points. It had gained 0.93 per cent in the last two sessions.
More than 1 billion shares were traded on the southern bourse, worth VNĐ24.9 trillion (US$1 billion).
The market's breadth returned to a negative zone with more stocks losing points. There were 130 gainers and 356 losers.
The 30 biggest stocks tracker VN30-Index lost 0.71 per cent, to 1,271.07 points. In the VN30 basket, eight stocks increased, while 18 stocks declined. The other stocks finished flat.
The downward movement was primarily driven by the selling pressure faced by 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 Vietinbank (CTG), 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 experienced selling pressure. Energy stocks were hit strongly 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.
Securities stocks decreased towards the end of the session. VN-Index's loss was significantly broadened as securities stocks declined strongly, such as VNDirect Securities Corporation (VND), Saigon-Hanoi Securities JSC (SHS), Việt Capital Incorporation (VCI) and APG Securities Joint Stock Company (APG).
As always, it's advisable for investors to conduct thorough research and seek professional advice before making any investment decisions. Consulting with financial advisors or staying updated through reliable financial news sources can provide valuable insights into market trends and individual stock performance, cafef.vn said.
The HNX-Index on the Hà Nội Stock Exchange (HNX) declined 0.80 per cent, to close Wednesday at 235.45 points.
Nearly 105.9 million shares were traded on the northern exchange, worth VNĐ2.1 trillion.
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