Market struggles ahead of long holiday

Friday, Apr 28, 2023 01:53

A beer production line at Sabeco. The brewer's shares surged 1.75 per cent on Thursday, cushioning the general downtrend. — Photo courtesy of Sabeco

The stock market was mixed on Thursday with the VN-Index unable to keep the recovery trend, as a strong sell-off in large-cap stocks and lower liquidity weighed on sentiment.

On the Ho Chi Minh Stock Exchange (HoSE), the benchmark VN-Index ended the day at 1,039.63 points, a decline of 1.17 points, or 0.11 per cent. The index recouped some losses on Wednesday after falling for three consecutive sessions.

The market's breadth remained positive as there were more stocks going up, of which 177 stocks on the southern bourse inched higher while 144 finished low.

Liquidity, on the other hand, dipped sharply with the trading value down nearly 24 per cent to VND8.7 trillion (US$370.3 million), equivalent to a trading volume of 511.7 million shares.

The index's loss was due to a stronger selling force pressuring large-cap stocks. The VN30-Index fell 3.7 points, or 0.35 per cent, to 1,041.54 points. Fifteen of the 30 biggest stocks on the VN30 basket slid, while 13 added points and two ended flat.

The top five stocks dominating the bearish trend were Vingroup (VIC), Vinamilk (VNM), PV Gas (GAS), Vinhomes (VHM), and Hoa Phat Group (HPG), down in a range of 1.04-2.7 per cent.

Another stock in the Vin family, Vincom Retail (VRE), also reported a great loss of more than 1.8 per cent.

The benchmark pared losses as some stocks in the manufacturing sector jumped up. Specifically, Sabeco (SAB), Masan Group (MSN), Petrolimex (PLX), and Petrovietnam Fertiliser & Chemicals Corporation (DPM) all soared at least 1.26 per cent.

The market is about to enter a long holiday, which may explain the investor's risk-off sentiment.

On the contrary, the HNX-Index on the Ha Noi Stock Exchange (HNX) finished slightly higher. It reduced by 0.02 points, or 0.01 per cent, to 205.86 points.

Investors poured more than VND980.8 billion into the northern bourse, equal to a trading volume of 71 million shares.

Meanwhile, foreign investors also fled the market, as they net sold more than VND308 billion on both main exchanges. Of which, they net sold a value of VND298.53 billion on HoSE and VND10.41 billion on HNX. — VNS

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