Shares decline on large-caps’ fall

Monday, Mar 07, 2022 17:04

A production line of brewery company Sabeco (SAB). SAB lost 3.9 per cent on Monday. — VNA/VNS Photo

Shares started the week on a negative note due to the sharp fall of large-cap stock group, pressuring the overall market.

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) lost 0.42 per cent to close at 1,499.05 points.

The market’s breadth remained positive with 256 gainers and 182 losers.

Nearly 982 million shares were traded on the southern bourse, worth nearly VND31.4 trillion (US$1.37 billion).

The benchmark lost ground as some pillar stocks suffered selling pressure. The VN30-index declined 1.06 per cent, to 1,509.12 points.

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

Right after the lunch break, selling pressure pushed a series of large-cap stocks down and put a lot of pressure on VN-Index. In the VN-30 basket, Sabeco (SAB) decreased by 3.9 per cent, Tien Phong Bank (TPB) declined by 3.9 per cent, Vietjet (VJC) lost by 3.5 per cent, Asia Commercial Bank (ACB) decreased by 2.9 per cent and Vincom Retail (VRE) dropped by 2.2 per cent.

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 Vietnam (BID).

Securities stocks also lost ground as there were many losers in the sector. Guotai Junan Securities (Vietnam) Corp (IVS), Viet Nam Bank For Industry & Trade Securities JSC (CTS), VNDirect Securities Co (VND), Viet Capital Inc (VCI) and Saigon-Hanoi Securities Co (SHS) all declined.

Cash flow was poured into midcaps and penny stocks, especially those that benefited from the rise of commodity prices such as fertiliser, steel, chemicals, oil and gas, and coal. Gainers included 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 Fertilizer & 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 higher, with a gain of 0.50 per cent, to 45.86 points.

Nearly VND3.7 trillion worth of shares were traded on the northern market, equivalent to a trading volume of over 136 million shares. — VNS

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