Selling pressure weighs down market

Thursday, Aug 27, 2020 08:50

A production line of brewery firm Sabeco (SAB). SAB lost 1.2 per cent on Wednesday. — VNA/VNS Photo Hoang Anh Tuan

Shares retreated on Wednesday as the market was under selling pressure on large-cap stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange slid 0.07 per cent to close Wednesday at 873.47 points.

It had gained 0.63 per cent to close Tuesday at 874.12 points.

Nearly 352.4 million shares were traded on the southern exchange, worth VND6.2 trillion (US$267.4 million).

Market breadth was negative with 182 gainers and 209 decliners.

According to BIDV Securities Company, the market liquidity declined slightly compared to the previous session and the market breadth was negative, showing that the investor sentiment is becoming more cautious.

"Investors were quite hesitant when VN-Index approaches the 860-870 point range. The index is likely to correct slightly or accumulate in the coming sessions,” the company said.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, lost 0.35 per cent to close Wednesday at 812.36 points.

In the VN30 basket, 20 of the 30 largest stocks by market capitalisation and trading liquidity decreased. Seven gained ground and three were unchanged.

Selling pressure weighed down large-caps such as Vietcombank (VCB), declining 0.5 per cent; Sabeco (SAB), slumping 1.2 per cent; steel maker Hoa Phat Group (HPG), losing 1.4 per cent; Techcombank (TCB), dropping 0.9 per cent; Bank for Investment and Development of Viet Nam (BID), losing 0.4 per cent; PetroVietnam Gas JSC (GAS), down 0.4 per cent; Military Bank (MBB), dropping 0.8 per cent; FPT Corporation (FPT), decreasing 0.9 per cent; Vinamilk (VNM), declining 0.2 per cent; and Vinhomes (VHM), dropping 0.1 per cent.

Oil and gas stocks attracted cash flow and outperformed, but failed to help the market maintain rallies.

Gainers in the group included PetroVietnam Drilling & Well Services Corporation (PVD), soaring 6.5 per cent; PetroVietnam Technical Services Corporation (PVS), rising 4 per cent; Binh Son Refining and Petrochemical Company Limited (BSR), climbing 3 per cent; PetroVietnam Oil Corporation (OIL), up 6.6 per cent; PetroViet Nam Coating JSC (PVB), increasing 4.6 per cent; and PetroVietNam Chemical And Services Joint Stock Corporation (PVC), soaring 7.3 per cent.

The HNX-Index on the Ha Noi Stock Exchange climbed 0.42 per cent to close Wednesday at 123.89 points.

It had climbed 0.17 per cent to close Tuesday at 123.37 points.

More than 66.8 million shares were traded on the northern bourse, worth VND845.5 billion.

Foreign investors net sold VND360.41 billion on HoSE. They were net buyers on the HNX with a value of VND6.62 billion. — VNS

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