Shares extend losses on foreign net selling

Saturday, Sep 26, 2020 07:29

A Vietcombank office in the city of Can Tho. Vietcombank (VCB) lost 0.12 per cent on Friday. — VNA/VNS Photo Thanh Liem

Vietnamese shares extended losses on Friday after foreign investors extended their net selling streak, further damping investor sentiment.

The benchmark VN-Index in the Ho Chi Minh Stock Exchange lost 0.03 per cent to close trading at 908.27 points.

It had declined 0.43 per cent to close trading at 908.58 points.

More than 361.2 million shares were traded on the southern bourse, worth VND6.3 trillion (US$271.8 million).

Market breadth was negative with 239 decliners and 162 gainers.

Foreign investors net sold for two consecutive sessions, worth VND131.25 billion on HOSE. They were net buyers on the HNX with the value of VND1.57 billion.

Thanh Cong Securities Co said there would be a positive trend for the VN-Index when approaching the resistance levels at 920-930 points with support from good fundamental large-cap stocks.

The company recommended investors to consider maintaining the holding rate in the portfolio at 50-60 per cent for medium and long-term goals.

BIDV Securities Co said the VN-Index isn’t likely to be volatile in coming sessions as investors are waiting for the results of economic growth in the third quarter of 2020.

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, increased 0.18 per cent to close Friday at 854.71 points.

In the VN-30 basket, 16 stocks lost ground and nine increased while five remained flat.

On a sector basis, 10 out of 25 sector indices lost steam, including real estate, securities, retail, agriculture, rubber production and logistics.

Gainers were wholesale, insurance, information and technology, mining, banking, chemicals and plastic production, food and beverage, seafood processing and construction materials.

Many bluechips in key sectors suffered from the rise of profit-taking pressure such as Vingroup (VIC), Vietcombank (VCB), Mobile World Group (MWG), Vincom Retail (VRE), Masan Group (MSN) and PetroVietnam Gas JSC (GAS).

The minor HNX-Index on the Ha Noi Stock Exchange lost 0.14 per cent to end Friday at 131.52 points.

The index had slumped 0.70 per cent to end Thursday at 131.71 points.

Nearly 62.7 million shares were traded on the northern exchange, worth VND905.6 billion. — VNS

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