Market reverses on sudden sell-off pressure

Thursday, Sep 21, 2023 17:57

Liquefied petroleum gas (LPG) tanker at the largest LPG terminal in Việt Nam, PV GAS Vũng Tàu Terminal. Shares of PV Gas plummeted nearly 2.3 per cent on Thursday, pressuring the market's sentiment. — Photo

Shares reversed course and inched lower on Thursday after rebounding strongly in the previous session. The market also weighed by continuous outflows of foreign capital.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index ended the trading day at 1,212.74 points, a decrease of 13.37 points, or 1.09 per cent. The index soared more than 14.6 per cent on Wednesday.

The breadth of the market was negative as decliners outnumbered gainers on the southern market.

However, liquidity was higher than in the previous session. Of which, both trading volume and value increased 15 per cent and 13 per cent, respectively, to 963.67 million shares and VNĐ23.02 trillion (US$946.7 million).

The 30 biggest stocks tracker VN30-Index also declined 15.38 points, or 1.25 per cent, to 1,219.19 points. In the VN30 basket, 24 stocks dropped while four stocks advanced and two stayed flat.

On the Hà Nội Stock Exchange (HNX), the HNX-Index fell 2.95 points, or 1.16 per cent, to 251.87 points. During the session, more than 112 million shares were traded on the northern bourse, worth nearly VNĐ2.4 trillion.

The market's reversal was due to a sudden sell-off force, weighing many stocks across all sectors.

Data compiled by a financial website showed that Vietcombank (VCB) posted the greatest loss today. Shares of the lender plunged by 1.14 per cent in market capitalisation.

Also dominating the downtrend, stocks of Vingroup (VIC), PV Gas (GAS), BIDV (BID), SSI Securities Corporation (SSI) and Mobile World Investment Corporation (MWG) tumbled in a range of 1-4.66 per cent.

Many other pillars, including Vinhomes (VHM), FPT Corporation (FPT), Vietinbank (CTG), and VPBank (VBP), witnessed big losses of at least 1.09 per cent.

Meanwhile, foreign capital kept flowing out of the market as they net sold a total of VNĐ370.61 billion on the two main exchanges. — VNS

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