Profit-taking sends market down

Wednesday, Sep 23, 2020 07:37

Gas bottles being filled at the PetroVietnam Gas JSC (GAS) in the southern province of Can Tho. GAS lost 1.2 per cent on Tuesday. — VNA/VNS Photo Ha Thai

Shares cut early gains on Tuesday after a bout of profit-taking took large-caps prices lower, dragging down the overall market.

The VN-Index on the Ho Chi Minh Stock Exchange lost 0.19 per cent to end Tuesday's session at 906.19 points.

It had risen 0.78 per cent to end Monday's trading session at 907.94 points.

Nearly 229.4 million shares were traded on the southern bourse, worth VND3.8 trillion (US$163.7 million).

Market breadth was negative with 146 gainers and 220 decliners.

According to Thanh Cong Securities Company, the VN-Index may experience fluctuations while moving towards the resistance zone of 920-930 points in the last trading week of September with support from good fundamental large-cap stocks.

The company recommended that investors maintain the holding rate in their portfolio at 50-60 per cent for the medium and long-term.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 0.14 per cent to close Tuesday at 852.72 points.

In the VN-30 basket, 15 stocks returned to negative territory due to increased profit-taking pressure.

Decliners included Vingroup (VIC), slumping 1.5 per cent, PetroVienam Gas JSC (GAS), losing 1.2 per cent, Coteccons Construction Joint Stock Company (CTD), declining 1.2 per cent, Vinamilk (VNM), losing 0.4 per cent, Hoa Phat Group Joint Stock Company (HPG) and down 0.6 per cent.

Some other blue-chips still gained ground and helped narrow the market’s decline such as Vietcombank (VCB), rising 1.2 per cent, Mobile World Group (MWG), going up 1.2 per cent, Military Bank (MBB), up 0.8 per cent, Bao Viet Holdings (BVH), rising 0.9 per cent.

The minor HNX-Index on the Ha Noi Stock Exchange gained for five consecutive sessions, rising 1.23 per cent to end Tuesday at 132.19 points.

More than 75.6 million shares were traded on the northern exchange, worth VND1 trillion.

Supporters of the HNX-Index included Asia Commercial Bank (ACB), gaining 1.4 per cent, Sai Gon-Ha Noi Bank (SHB), climbing 2.7 per cent, Thaiholdings Joint Stock Company (THD), rising 4.7 per cent, PetroVietnam Technical Services Corporation (PVS), up 4.7 per cent, National Citizen Commercial Joint Stock Bank (NVB), going up 2.3 per cent and Vietnam Construction And Import-Export Joint Stock Corporation (VCG), up 3 per cent.

Foreign investors net bought VND81.84 billion on HOSE. They were net sellers on the HNX with the value of VND1.58 billion. — VNS

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