Shares drop after two-day rise

Friday, Nov 29, 2019 07:45


Workers of PetroVietnam Gas JSC (GAS). GAS lost 1.2 per cent on Thursday. — Photo

Shares suffered a sharp decline on Thursday after two recovery sessions, pushing the VN-Index down to below reference level.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HOSE) lost 0.80 per cent to end Thursday at 970.39 points

Nearly 191.3 million shares were traded on the southern bourse, worth VND4.2 trillion (US$180 million).

The index gained 0.14 per cent to close Wednesday at 978.17 points.

Market breadth was negative on Thursday with 219 shares gaining and 101 declining.

In the afternoon, the VN-Index was at times down by more than 1 per cent due to pressure from Vinhomes (VHM) (-1.5 per cent), Vietcombank (VCB) (-1.2 per cent), PetroVietnam Gas JSC (GAS) (-1.2 per cent), Vietinbank (CTG) (-2.9 per cent), Masan Group (MSN) (-2.1 per cent), Techcombank (TCB) (-1.9 per cent), Vincom Retail (VRE) (-1.3 per cent), the Viet Nam National Petroleum Group (PLX) (-1 per cent), Bank for Investment and Development of Vietnam (BID) (-0.4 per cent) and brewery Sabeco (SAB) (-0.2 per cent).

However, the bottom catching demand appeared at around 970 points, halting the fall.

According to BIDV Securities Co (BSC), the diplomatic relationship between the US and China was somewhat strained by the ongoing violent incidents in Hong Kong. This would likely negatively affect trade negotiations between the two countries.

The large-cap VN30-Index decreased by 1.05 per cent to stand at 885.70 points.

Foreign investors bought net value VND44.17 billion on the HOSE, including Hoa Phat Group (HPG) (VND21.91 billion), Vietjet Air (VJC) (VND12.86 billion) and Vinhomes (VHM) (VND12.12 billion). They were net sellers on the HNX with a value of VND1.11 billion.

On a sector basis, only five of the 25 sectors saw share prices rising, including wholesale, seafood processing and construction.

On the opposite side, 20 sectors saw share prices drop, including oil and gas, rubber production, insurance, food and beverage, construction materials, healthcare, real estate, banking, agriculture, plastic and chemicals, and logistics.

On the Ha Noi Stock Exchange (HNX), the HNX-Index was down 0.86 per cent to end Thursday at 102.34 points.

Nearly 20.7 million shares were traded on the northern bourse, worth VND283.3 billion.

On the HNX, the Asian Commercial Joint Stock Bank (ACB) (-1.3 per cent), Vicostone JSC (VCS) (-3.6 per cent), PetroVietnam Technical Services Corporation (PVS) (-2.3 per cent), Sai Gon-Ha Noi Bank (SHB) (-1.6 per cent) declined, causing the HNX-Index to fall for the second consecutive session.

The northern market lost 0.73 per cent to end Wednesday at 103.23 points. — VNS

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