Indices end week on a negative note

Friday, Sep 16, 2022 17:00

Inside a warehouse of Hoa Phat Group. The steel producer's shares plunged more than 2.5 per cent, leading the market's bearish trend. — Photo

Shares inched lower on Friday as rising selling pressure in the afternoon session weighed on the market’s sentiment.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index dropped 11.63 points, or 0.93 per cent, to 1,234.03 points.

The market’s breadth was still negative as 269 stocks declined, while 74 stocks increased. Liquidity, however, rose sharply over the previous session. Matching value on the southern market was up 48.8 per cent to VND14.5 trillion (US$614.4 billion).

The 30 biggest stocks tracker VN30-Index posted a fall of 10.04 points, or 0.8 per cent, to 1,252.78 points.

Of the VN30 basket, only seven stocks advanced, while 22 dipped and one stayed flat.

The HNX-Index on the Ha Noi Stock Exchange (HNX) also ended the week lower, down 6.81 points, or 2.43 per cent, to 272.88 points.

During the trading day, over VND1.6 trillion worth of stocks were traded on the northern bourse, equivalent to a trading value of nearly VND81.7 million shares.

The market was in the red due to a stronger sell-off.

According to statistics from a financial website, Hoa phat Group (HPG) led the downtrend with a decrease of 2.6 per cent.

Many attractive large-cap stocks from banking and manufacturing, real estate, IT and retail were also under selling pressure. Vietnam Rubber Group (GVR), Vietinbank (CTG), Vietcombank (VCB), Mobile World Investment Corporation (MWG), Vinhomes (VHM), Vingroup (VIC), Masan Group (MSN) and FPT Corporation (FPT) all fell at 0.9 per cent on the last trading day.

An analyst from the Sai Gon - Ha Noi Securities JSC (SHS) said that the market benchmark VN-Index continues to accumulate above the nearest support zone of around 1,240 points. The positive point is that the demand is still increasing in the industry groups, including industrial zones, construction, electricity and water.

Meanwhile, foreign investors were net sellers on both main exchanges. Accordingly they sold a total of VND508.72 billion on HoSE and HNX, of which they sold a value of VND422.61 billion on HoSE and VND86.11 billion on HNX. — VNS

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