Sell-off in large-cap stocks weighs on VN-Index

Tuesday, Feb 15, 2022 12:37

The market was mixed on Wednesday morning, with the VN-Index reversing yesterday's course due to selling pressure on pillar stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) edged down 1.94 points, or 0.13 per cent, to 1,490.81 points.

However, the market breadth was still positive with more stocks gaining points than declining, while liquidity improved compared to the previous session.

More than 411.5 million shares were traded on HoSE, worth VNĐ12.15 trillion (US$534.2 million). Meanwhile, foreign investors continued to net buy a value of around VNĐ54 billion on the southern bourse.

The index's reversal was due to losses in large-cap stocks, with the VN30-Index down 4.86 points, or 0.32 per cent, to 1,522.5 points.

Eighteen of the 30 biggest stocks in the VN30 basket declined, while only nine stocks increased and three stayed unchanged.

PV Gas (GAS) posted the biggest loss this morning, down 2.9 per cent. The fall was likely due to a strong correction of oil prices in the international market after political tension between Russia-Ukraine eased.

Other stocks that weighed the market sentiment were BIDV (BID), down 2.38 per cent, Masan Group (MSN), down 1.56 per cent, Vingroup (VIC), down 0.84 per cent, and Sabeco (SAB), down 2.18 per cent.

The downtrend was cushioned by gains in some stocks. Development Investment Construction JSC (DIG) led the winning group, up 7 per cent - the biggest intraday gain. It was followed by Vietnam Rubber Group (GVR) and Gelex Group (GEX), all up at least 1.5 per cent.

On the Ha Noi Stock Exchange (HNX), the HNX-Index rose 4.8 points, or 0.99 per cent, to 428.02 points. VNS

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