Shares mixed on profit-taking pressure

Wednesday, Aug 10, 2022 17:03

PV Gas' storage project with a capacity of one million tonnes of LNG a year in Thi Vai. The firm's shares led the downside on Wednesday, posting a fall of 1 per cent. — Photo

The VN-Index slipped on Wednesday after a two-day rally, ending at 1,256.50 points, down 0.19 per cent from Tuesday’s close, on rising profit-taking pressure.

Blue chips led the downturn on the Ho Chi Minh Stock exchange with 24 of the top 30 largest shares by market value and liquidity losing value and only six gaining.

The biggest losers dragging the VN-Index most included PV Gas (GAS), down 1 per cent; Vingroup (VIC), down 0.8 per cent; steelmaker Hoa Phat Group (HPG), down 1.2 per cent; and Vietinbank (CTG), down 1.2 per cent.

“The market rallied and continued to face strong profit-taking pressure at high price ranges,” Phuong Pham, a stock analyst at Viet Dragon Securities Co. said, adding the rising movement triggered profit-taking pressure in many sectors, meaning the index could not maintain the gaining momentum and struggled slightly.

The VN-Index has gained 4.3 per cent this month.

The market diverged with 12 sectors declining and 13 increasing. Mining and oil, finance and accommodation were among the biggest gainers while consulting services, seafood processing, construction materials and plastics were the biggest losers.

In the mining and oil sector, Binh Dinh Minerals (BMC), PetroVietnam Drilling and Wells Service (PVD), and PetroVietnam Technical Services (PVS) increased between 3 per cent and 7 per cent. In the seafood sector, six of eight listed firms slumped, of which Nam Viet Corp (ANV) edged down 1.8 per cent while Cuu Long Fish (ACL), Vinh Hoan Corp (VHC), I.D.I International Development & Investment (IDI) and Sao Ta Foods (FMC) decreased by less than 1 per cent.

“With the opposite movement before the resistance level of 1,260-1,283 points, the market is still showing signals of caution when the index falls deep into the resistance level, and the effort to absorb supply is still supporting the market,” Phuong said.

Nearly 652 million shares worth VND14.4 trillion were traded in HCM City’s market, down 10 per cent in both volume and value compared to Tuesday’s levels.

By contrast, the HNX-Index on the Ha Noi Stock Exchange rose for a third day this week, closing 0.71 per cent up at 303.54 points. The northern bourse’s index has gained 1.2 per cent in the last three sessions.

Liquidity increased slightly here with 102 million shares worth VND2 trillion being exchanged. — VNS

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