Shares drop slightly on the slump of large-cap stocks

Friday, Apr 07, 2023 17:38

Inside Hoa Phat's galvanised steel factory in Hung Yen Province. HPG lost 1.4 per cent on Friday. — VNA/VNS Photo

Stocks dropped slightly yesterday, pressured by the slump of large-caps in the banking stock group.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index lost 0.11 per cent to close at 1,069.71 points. The index had lost 0.92 per cent to close Thursday at 1,070.91 points.

Market breadth was negative, with 159 gainers and 219 decliners.

Some 646 million shares were traded on the southern exchange, worth VND10.8 trillion (US$460.6 million).

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, stayed flat at 1,078.88 points. In the basket, 12 stocks climbed, four stayed flat, and 14 slid.

Losers in the VN-30 basket included PetroVietnam Gas JSC (GAS), Hoa Phat Group (HPG), Mobile World Group (MWG), Vinhomes (VHM), Vingroup (VIC), Vincom Retail (VRE).

Banking stocks suffered from strong selling pressure during the final trading minutes of the session. Those slumping included Vietinbank (CTG), Tien Phong Bank (TPB), Vietcombank (VCB), VPBank (VPB), National Commercial Joint Stock Bank (NVB), Military Bank (MBB), Techcombank (TCB), and Bank for Investment and Development of Vietnam (BID).

Asia Commercial Bank (ACB) and Sacombank (STB) were the only two gainers.

“VN-Index suddenly dropped at the end of the session after a day of struggling in the range of 1,078-1,080," said BIDV Securities Co. "The index ended the session at 1,069.71, down more than 1 point compared to yesterday.”

“Regarding the transactions of foreign investors, today they were net sellers on the two exchanges of HoSE and HNX. In the next trading sessions, VN-Index may continue to experience shaking sessions, 1,060-1,065 will be the next support area if the index continues to decrease in line with the movement of VN30. It is recommended that investors trade cautiously in the coming sessions.”

Foreign investors net sold VND219.9 billion on HOSE, including Khang Dien House (KDH) with VND44.19 billion, Sacombank (STB) with VND40.43 billion, Dat Xanh Group (DXG) with VND39.88 billion. They were net sellers on HNX with a value of VND15.05 billion.

On a sector basis, 23 out of 25 sector indices on the stock market lost ground, including wholesale, construction, rubber production, IT and logistics, agriculture, real estate, food and beverage, retail, seafood production, and plastic and chemical production.

The HNX-Index on the Ha Noi Stock Exchange (HNX) rose 0.08 per cent to close yesterday at 211.60 points.

Over 103.7 million shares were traded on the northern exchange, worth VND1.4 trillion. — VNS

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