Market ends week on negative note due to selling force

Friday, Apr 21, 2023 17:31

A Vinamilk worker on a production line. VNM lost 1.4 per cent on Friday. — VNA/VNS Photo

Shares ended the week on a negative note due to strong selling pressure dumping large-cap stocks during the last minutes of the session.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index lost 0.60 per cent to close Friday at 1,042.91 points. The index had gained 0.03 per cent to close Thursday at 1,049.25 points.

Market breadth was negative with 128 gainers and 247 decliners.

Some 553 million shares were traded on the southern exchange, worth VND9.7 trillion (US$413 million).

“As for foreign trading, they net bought on the HoSE and slightly net sold on the HNX today. The accumulation trend of the VN-Index may continue in the short term until the cash flow returns to the market,” said BIDV Securities Co.

Foreign investors net bought VND52.64 billion on HOSE, including Sacombank (STB) with VND35.18 billion, Hoa Phat Group (HPG) with VND31.99 billion, Saigon-Hanoi Bank (SHB) with VND16.81 billion. Foreign investors were net sellers on HNX with a value of VND460 million.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, dropped 0.71 per cent to reach 1,046.18 points. In the basket, five stocks climbed, two stayed flat and 23 slid.

Losers in the VN-30 basket included Novaland (NVL), Vinamilk (VNM), Vingroup (VIC), Vietjet (VJC), FPT Corporation (FPT), and Bao Viet Holdings (BVH).

Most banking stocks dropped during the trading session. Those slumping included Vietinbank (CTG), Asia Commercial Bank (ACB), Vietcombank (VCB), National Commercial Joint Stock Bank (NVB), Military Bank (MBB), Sacombank (STB), Tien Phong Bank (TPB), Techcombank (TCB) and Bank for Investment and Development of Vietnam (BID).

VPBank (VPB) and Tien Phong Bank (TPB) were the only two bank stocks that went up.

Energy stocks also suffered selling pressure with losers such as Drilling Mud Joint Stock Corporation (PVC), PetroVietnam Drilling and Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS) and PV OIL (OIL).

On a sector basis, 21 out of 25 sector indices on the stock market lost ground, including construction, rubber production, IT and logistics, agriculture, real estate, food and beverage, retail, seafood production, and plastic and chemical production.

Healthcare, wholesale and securities were among the gainers.

The HNX-Index on the Ha Noi Stock Exchange (HNX) gained 0.15 per cent to close at 206.92 points.

Over 93 million shares were traded on the northern exchange, worth VND1.2 trillion. — VNS

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