Shares decline for second straight session

Wednesday, Sep 27, 2023 07:02

Vincom Metropolis shopping centre in Hà Nội, developed by Vincom Retail (VRE). VRE lost 3 per cent yesterday. — Photo VRE

The Vietnamese stock market ended Tuesday lower, extending losses for the second straight session.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed at 1,137.96 points, a decrease of 1.32 per cent.

More than 1 billion shares were traded on the southern exchange, worth VNĐ21.6 trillion (US$884 million).

The market's breadth inclined to a bearish zone with more stocks declining. Of which, 317 stocks of the main exchange dropped in the trading session, while there were 180 stocks rising. 

The VN30-Index, which tracks 30 biggest stocks in market capitalisation on HoSE, posted a loss of 0.57 per cent, to 1,153.37 points. In the VN30 basket, up to 9 stocks added points, while 19 ended lower and two were flat. 

Leading the market's downtrend on Tuesday was Vingroup (VIC). Shares of the property developer fell 3.2 per cent. The other two members in the trio stocks of the Vin family also posted big losses, with Vinhomes (VHM) down 4.3 per cent and Vincom Retail (VRE) down more than 3 per cent. 

Similarly, many large-cap stocks in the banking industry saw a bearish trend, such as BIDV (BID) dropped 1.7 per cent, Techcombank (TCB) decreased 1.2 per cent, Sacombank (STB) fell 0.9 per cent, and Tiên Phong Bank (TPB) was down over 1.7 per cent. 

Many oil and gas stocks suffered from selling force, including PetroVietnam Gas JSC (GAS), PV Power (POW), PetroVietnam Drilling & Well Services Corporation (PVD), PV OIL (OIL), Bình Sơn Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

Although there is support and recovery at the 1,145 point area, in general the support of cash flow is still low. This move has led to a prolonged decline as supply increases again. The market trend signal is still negative and there is no good enough support signal, according to Việt Dragon Securities Co.

It is expected that the market will recover after the oversold situation in the next trading session. Therefore, investors still need to be cautious and observe supply and demand developments in the support zone.

In the meantime, consider the possibility of recovery to reduce the stock proportion and keep the portfolio proportion at a safe level to prevent risks.

The HNX-Index on the Hà Nội Stock Exchange (HNX) also finished lower to 229.75 points, down 0.76 per cent.

Nearly 120.5 million shares were traded on the northern exchange, worth VNĐ2.1 trillion. — VNS

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