Shares reverse course to fall, large-cap falter

Wednesday, Jun 01, 2022 07:05

The lobby area of an FPT Corporation building in Ha Noi. FPT lost 3.1 per cent Tuesday. — Photo

Shares reversed course to end on Tuesday, pressured by the selling force hitting a series of large-cap stock groups.

On the Ho Chi Minh Stock Exchange, the VN-Index declined slightly 0.1 per cent to end trade at 1,292.68 points.

The southern bourse’s index had gained 0.66 per cent to close Monday at 1,293.92 points.

Market breadth was negative with 147 gainers and 298 losers, while 57 shares ended flat.

Liquidity stayed low with more than 591 million shares traded on the southern bourse, worth VND16.1 trillion (US$694.3 million).

The VN30-Index, tracking the 30 biggest stocks on HoSE, lost 0.77 per cent to end at 1,332.59 points. Out of 30 stocks in the VN30 basket, 10 posted gains while 20 decreased.

The market's recovery momentum on Monday did not last as the strong selling pressure increased, pressuring a series of stocks such as Phu Nhuan Jewellery (PNJ), FPT Corporation (FPT), steelmaker Hoa Phat Group (HPG), Bao Viet Holdings (BVH), Vietnam Airlines (HVN), VPBank (VPB), and Tien Phong Bank (TPB).

PNJ was down 5.2 per cent, FPT lost 3.1 per cent, Hoa Phat Group (HPG) declined 2.3 per cent, and VPB dropped 2.1 per cent.

Banking stocks reversed to fall, pressuring the market with losers including Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), Military Bank (MBB), Vietnam International Commercial JS Bank (VIB) and Saigon-Hanoi Commercial JS Bank (SHB).

The only two gainers in the banking group were VietinBank (CTG) and HDBank (HDB).

The recent rally was attributed to the recovery of the world stock market and supportive domestic news in the banking industry, said Bui Van Huy, Brokerage Director of Ho Ci Minh City Securities Company (HSC).

“However, the international and domestic context has not changed much. Therefore, after two consecutive gaining weeks, the market will face more pressure and need more cash flow participation to consolidate the steady uptrend. In the current context, liquidity will remain stable from VND10,000 to VND15,000 per session,” said Huy.

On the Ha Noi Stock Exchange, the HNX-Index increased 0.96 per cent to end Tuesday with 315.76 points.

The index had risen 0.51 per cent to end Monday with 312.77 points.

Liquidity also stayed at a relatively low level with 84 million shares worth nearly VND2 trillion being traded on the northern market. — VNS

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