Shares correct as large-caps falter

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A Vincom Centre developed by Vincom Retail. Shares of Vincom Retail (VRE) lost 1.3 per cent on Tuesday. — Photo courtesy of VRE

Viet Nam's stock market ended on a negative note on Tuesday as large-caps stocks simultaneously dropped putting negative pressure on the market.

On the Ho Chi Minh Stock Exchange (HoSE), the benchmark VN-Index lost 0.92 per cent to close at 1,183.45 points.

The southern market index had increased 0.03 per cent to close Monday at 1,194.43 points.

The market's breadth turned negative as 359 stocks declined while 110 stocks increased and 41 stocks ended flat.

Nearly 684 million shares were traded on the southern market, worth over VND15.4 trillion (US$665.5 million).

Multiple large-cap stocks lost ground such as Bao Viet Holdings (BVH), Hoa Phat Group (HPG), Masan Group (MSN), Vingroup (VIC), Vinamilk (VNM), Vincom Retail (VRE), PVPower (POW), Vinhomes (VHM) and Mobile World Group (MWG).

Many big bank stocks also suffered from selling pressure, including Sacombank (STB), VPBank (VPB), Techcombank (TCB), Military Bank (MBB) and Bank for Investment and Development of Viet Nam (BID).

“VN-Index lost the 1,190-point landmark right from the opening and remained in the red throughout the session,” said BIDV Securities Co.

“Foreigners were net sellers on the HoSE and net buyers on the HNX. Besides, market breadth remained negative with increased liquidity compared to the previous session. According to our assessment, VN-Index may continue correcting in the coming sessions,” it said.

Foreign investors net sold VND288.24 billion on HOSE, including Vinamilk (VNM) (VND187.5 billion), Vietinbank (CTG) (VND76.6 billion) and Vietcombank (VCB) (VND31.8 billion). They were net buyers on the HNX with a value of VND8.47 billion.

The VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, lost 0.96 per cent to close at 1,186.98 points.

Twenty-six of 30 biggest stocks in market value decreased while three rose.

On the Ha Noi Stock Exchange (HNX), the HNX-Index lost 0.91 per cent to touch 272.34 points.

It had lost 1.03 per cent to end Monday at 274.84 points.

On the northern bourse, nearly 180 million shares were traded, worth over VND2.7 trillion.

“The current trend of the VN-Index this week is still very difficult to successfully conquer the historical peak of around 1,200 points,” said Bao Viet Securities Co.

“Rumors about Q1 business results of companies may appear and trigger a wide divergence among stocks in the current period,” it said. — VNS

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