Shares extend losses as major industries lose ground

Thursday, Sep 08, 2022 17:10

A customer buys petrol at a petrol station of Viet Nam National Petroleum Group (PLX) on Ha Noi's Tran Hung Dao Street. PLX lost 0.5 per cent on Thursday. — VNA/VNS Photo Tran Viet

Vietnamese shares extended losses on Thursday as large-cap stocks in a series of industries suffered selling pressure, especially banking, securities and energy.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index lost 0.69 per cent to close at 1,234.60 points. The index had declined 2.68 per cent to close Wednesday at 1,243.17 points.

Nearly 599.6 million shares were traded on the southern bourse, worth VND14.4 trillion (US$611.8 million).

The market's breadth returned to a negative zone with more stocks losing points. There were 151 gainers and 317 losers.

The 30 biggest stocks tracker VN30-Index lost 0.27 per cent, to 1,265.57 points. In the VN30 basket, 11 stocks increased, while 18 stocks declined. The other stock finished flat.

The banking group lost ground with losers including Vietinbank (CTG), Asia Commercial Bank (ACB), VIB Bank (VIB) and Tien Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), Vietcombank (VCB), Military Bank (MBB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), VPBank (VPB) and Sacombank (STB).

Energy stocks were also hit strongly with Viet Nam National Petroleum Group (PLX), Binh Son Refining and Petrochemical Company Limited (BSR), PV Power (POW), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC) all falling.

Securities stocks decreased towards the end of the session. VN-Index's loss was significantly broadened as securities stocks declined strongly, such as VNDirect Securities Corporation (VND), Saigon-Hanoi Securities JSC (SHS), Viet Capital Incorporation (VCI), Agribank Securities Corporation (AGR) and APG Securities Joint Stock Company (APG).

If the index can't bounce above 1,250 in the coming sessions, it might drop further to 1,220-1,235 or even to 1,190-1,200, said BIDV Securities Co.

It is expected that VN-Index will get support and technical recovery from around 1,230 points. However, paying attention to the resistance area of around 1,260 points is necessary if a technical recovery occurs, said Viet Dragon Securities Co.

Therefore, investors should slow down and observe the market's trading movements. Moreover, taking advantage of the recovery span to minimise risks, it said.

The HNX-Index on the Ha Noi Stock Exchange (HNX) declined 0.67 per cent, to close Thursday at 282.15 points. The index had declined 3.14 per cent, to close Wednesday at 284.05 points.

More than 79.7 million shares were traded on the northern exchange, worth VND1.5 trillion. — VNS

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