A worker collects latex at a rubber plantation in Gia Lai. Vietnam Rubber Group - Joint Stock Company (GVR) hit the maximum intra-day loss on Tuesday. — VNS/VNA Photo
Shares continued on a downwards trend on Tuesday with all sectors facing selling pressure.
The VN-Index, the benchmark on the Ho Chi Minh Stock Exchange, decreased by 2.57 per cent to end Tuesday at 1,136.12 points. The index fell more than 3 per cent in the morning session. At the end of the session, 395 stock declined with 22 stocks hitting the maximum intra-day loss, while only 78 climbed. Another 23 stocks ended flat.
In a daily report, Bao Viet Securities Co said the market's correction pressure might continue in the next sessions. However, the VN-Index could recover in the later sessions of the week. In general, an accumulative fluctuation in the market can create a new price of under 1,200 point-zone in the short-term. Stock groups will also see clearer division according to companies' fourth quarter results of last year.
"In addition, the portfolios' restructuring of indices such as the VN30-Index and VNFinLead also influenced the market in the last week of January," the securities firm added.
Large-cap stocks also recorded a big loss today. The VN30-Index declined by 2.53 per cent to 1,125,09 points. Twenty-six of the 30 largest stocks fell, while only three rose with one hitting the intra-day limit growth of 7 per cent.
FLC Faros Construction Joint Stock Company (ROS) still kept its rally, up 6.78 per cent. Another two stocks among the 30 large-cap basket posting a gain on Tuesday were MBBank (up 1.59 per cent) and Nova Land Investment Group Corporation (NVL) (up 1.25 per cent). MBB share price reversed course in the afternoon session after a fall in the morning.
Investors continued to withdraw money from banking, securities, and gas and oil stocks, while other sectors including construction, real estate, production, utilities, IT and retail also faced selling pressure.
The top five stocks with negative effects on the market today included Vingroup Joint Stock Company (VIC) down 3.15 per cent, Vietnam Rubber Group - Joint Stock Company (GVR) down 6.93 per cent, Vietinbank (CTG) down 6.25 per cent, JSC Bank For Investment And Development Of Vietnam (BID) down 4.6 per cent and Vietcombank (VCB) down 1.56 per cent.
On the Ha Noi Stock Exchange, the HNX-Index declined by 1.74 per cent to 227.82 per cent. The HXN30-Index also posted a big loss of 3.74 per cent to 348.27 points. The index decreased by more than 5 per cent in the morning session.
However, the market liquidity was still high with total trading volume in both exchanges of 1.04 billion shares, worth VND20.1 billion.
Foreign investors were still net sellers on both exchanges, with a value of VND152.72 billion on the southern market and VND1.95 billion on the northern bourse. — VNS