Market dips as foreign investors maintain strong net selling
Shares were mixed on Tuesday as profit-taking following recent rallies weighed on the market, while foreign investors withdrew capital for the fourth consecutive day.
Shares were mixed on Tuesday as profit-taking followed recent rallies, while foreign investors withdrew capital for the fourth consecutive day.
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) finished the day at 1,284.41 points, down 6.26 points or 0.49 per cent. The reversal ended a two-day rising streak.
On the southern bourse, the breadth was negative as 226 stocks ticked down while 108 went up. Liquidity hovered above VNĐ25 trillion (US$983 million), an increase of 17.6 per cent from the previous session. Trading volume on Tuesday's southern exchange was more than 993 million shares.
The VN30-Index, tracking the 30 biggest stocks on HoSE by market capitalisation, also dropped 2.8 points, or 0.21 per cent, to 1,308.3 points. The number of decliners surpassed gainers in the VN30 basket by 21 to 8, while one stock ended flat.
According to the Saigon-Hanoi Securities JSC (SHS), the market is experiencing rising selling pressure as the VN-Index approaches a significant resistance level, leading to continued fluctuations and uncertainty.
Large-cap stocks in banking, real estate and manufacturing sectors led the market's downturn with the Bank for Foreign Trade of Vietnam (VCB) posting the biggest fall in the market, down 0.91 per cent, contributing more than one point to the VN-Index loss.
It was followed by Vinhomes JSC (VHM), down 1.93 per cent; Viet Nam Dairy Products Joint Stock Company (VNM), down 1.04 per cent; Bank for Investment and Development of Vietnam (BID), down 0.63 per cent; Vietnam Rubber Group - Joint Stock Company (GVR), down 1.66 per cent; and Masan Group Corporation (MSN), which posted a decrease of 1.69 per cent.
However, losses were capped by gains in several large-cap stocks, led by FPT Corporation (FPT), which was up 1.74 per cent, contributing nearly 0.8 point to the VN-Index. It was followed by Vietnam Prosperity Joint Stock Commercial Bank (VPB) posting an increase of 1.39 per cent and Viet Nam National Petroleum Group (PLX) which rose 2.98 per cent.
On the Hà Nội Stock Exchange (HNX), the HNX-Index finished higher at 246.41 points. Nearly 98 million shares were traded on the northern bourse, worth more than VNĐ2 trillion.
Foreign investors were heavy sellers of blue-chip stocks on Tuesday. VN30 stocks experienced net sales of VNĐ1.4 trillion out of a total net sale value of VNĐ1.8 trillion on the HoSE. Across all three exchanges, net sales reached VNĐ1.8 trillion, a record high since January 13. — VNS
