Shares decline further as profit-taking pressure rises

Wednesday, Mar 09, 2022 06:55

Trucks carrying coal at a mining site of Vinacomin – Coc Sau Coal JSC (TC6). TC6 lost 6.08 per cent Tuesday. — Photo

Shares dropped further on Tuesday due to the profit-taking pressuring multiple stock groups such as banking, oil and gas, steel, fertiliser, and coal.

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) lost 0.69 per cent to close at 1,473.71 points.

The market’s breadth remained negative with 95 gainers and 370 losers.

Liquidity increased compared to Monday's session with more than 1 billion shares traded on the southern bourse, worth nearly VND34.5 trillion (US$1.5 billion).

The benchmark lost ground as some pillar stocks suffered selling pressure. The VN30-index declined 1.26 per cent, to 1,490.17 points.

Six of HoSE’s 30 biggest stocks in market capitalisation in the VN30 basket increased, while 22 stocks declined and two stayed flat.

The banking group performed poorly and pressured the market with notable losers including Vietinbank (CTG), Tien Phong Bank (TPB), Vietcombank (VCB), Military Bank (MBB), Sacombank (STB), Techcombank (TCB), Eximbank (EIB) and Bank for Investment and Development of Viet Nam (BID).

In the real estate group, many stocks plummeted such as C.E.O Group JSC (CEO) down 6.3 per cent, Investment and Construction Development Joint Stock Corporation (DIG) down 6 per cent and LDG Joint Stock Company (LDG) down 4.5 per cent.

Stocks that benefited from the rise of commodity prices such as fertiliser, steel, chemicals, oil and gas, and coal all reversed to decline.

Losers included Hoa Phat Group (HPG), Viet Nam National Petroleum Group (PLX), PetroVietnam Drilling and Well Services Corporation (PV Drilling or PVD), Vietnam Petroleum Construction Joint Stock Corporation (PVC), Petrochemical and Bio-Fuel JSC (PVB), Petro Viet Nam Ca Mau Fertiliser JSC (DCM), Petrovietnam Fertiliser & Chemicals Corporation (DPM), Binh Dien Fertiliser Joint Stock Company (BFC), Vinacomin - DeoNai Coal JSC (TDN) and Vinacomin – Coc Sau Coal JSC (TC6).

The HNX-Index on the Ha Noi Stock Exchange (HNX) finished lower, with a loss of 1.54 per cent, to 445.89 points.

Nearly VND4.1 trillion worth of shares was traded on the northern market, equivalent to a trading volume of over 140 million shares. — VNS

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