Market on track for weekly fall

Thursday, Mar 16, 2023 17:11

The gate of Vinhomes Riverside in Long Bien District, an urban area project of Vinhomes. The property developer's shares plummeted by 3.26 per cent on Thursday, leading the market's downtrend. — VNS Photo Phuong Anh

Shares reversed course and ended Thursday on a negative note as selling force rose strongly in the last minutes.

The market’s benchmark on the Ho Chi Minh Stock Exchange (HoSE) tumbled 14.79 points, or 1.39 per cent, to 1,047.4 points. It erased more than half of Wednesday’s gain and set for a weekly loss due to weaker appetite for risk assets after the recent collapses of two American banks.

The breadth of the market was negative with 285 stocks going down, while 50 ticker symbols advanced.

Liquidity also declined. Specifically, a trading value on the southern bourse fell 12.1 per cent over the previous session to more than VND9.4 trillion (US$399 million), equal to a trading volume of over 532.9 million shares.

The VN30-index, which tracks the 30 biggest stocks on HoSE, also retreated to 1,046.99 points, a decline of 17.39 points, or 1.36 per cent. In the VN30 basket, up to 27 stocks finished lower, two increased and one was flat.

Stronger selling pressure in the last trading minutes weighed on the market.

In the top three stocks dominating the market’s downward trend, Vinhomes (VHM) was the biggest loser with a fall of 3.26 per cent in market capitalisation. The other two names were PV Gas (GAS) and BIDV (BID), down 2.24 per cent and 1.18 per cent, respectively.

Also contributing to the general losses, the market’s influencers like Vingroup (VIC), Vietinbank (CTG), Hoa Phat Group (HPG), VPBank (VPB), Vietcombank (VCB), Petrolimex (PLX), HDBank (HDB), Vietnam Rubber Group (GVR), Masan Group (MSN), FPT Corporation (FPT), and Mobile World Investment Corporation (MWG), posted losses of at least 1 per cent.

Cushioning some of the losses, Vincom Retail (VRE) and Sabeco (SAB) led the uptrend with gains of 1.58 per cent and 0.79 per cent, respectively.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also resumed the recent downtrend after jumping 4.46 points on Wednesday.

The northern market’s benchmark settled Thursday at 204.19 points, down 2.82 points, or 1.36 per cent.

During the session, nearly 52.7 million shares were traded on HNX, worth VND813.04 billion.

On the other hand, foreign investors continued their long streak of net-buying with a value of VND87.25 billion on both main exchanges. Particularly, they net bought VND89.36 billion on HoSE, while net selling VND2.11 billion on HNX. VNS

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