Shares reverse to fall on selling force

Wednesday, Apr 05, 2023 07:01

Transactions taking place at National Citizen Commercial Joint Stock Bank (NVB) in Ha Noi. NVB gained 1.3 per cent yesterday. — Photo courtesy of NVB

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

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index lost 0.08 per cent to close at 1,078.45 points. The index had gained 1.38 per cent on Monday.

Market breadth was negative with 261 gainers and 139 decliners.

Some 803.9 million shares were traded on the southern exchange, worth VND13.5 trillion (US$575.2 million).

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, dropped 0.03 per cent to reach 1,088.34 points. In the basket, 13 stocks climbed, two stayed flat and 18 slid.

Losers in the VN-30 basket included Novaland (NVL), Vinamilk (VNM), Vingroup (VIC), Vietjet (VJC) and Sabeco (SAB).

Banking stocks differentiated during the trading session. Those slumping included Vietinbank (CTG), Asia Commercial Bank (ACB), Tien Phong Bank (TPB), and Vietcombank (VCB).

Banks stocks that went against the market downtrend included VPBank (VPB), National Commercial Joint Stock Bank (NVB), Military Bank (MBB), Techcombank (TCB), Sacombank (STB), and Bank for Investment and Development of Vietnam (BID).

Energy stocks also suffered selling pressure with losers such as Drilling Mud Joint Stock Corporation (PVC), PetroVietnam Drilling and Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS) and PV OIL (OIL).

The supply increased significantly, reflected in the increased liquidity. With the existing increasing inertia, it is likely that the market will continue to increase in the new session and enter the 1,080 - 1,100 point range, said Viet Dragon Securities Co.

Currently, this area is still a resistance zone of the market, so it is expected that supply will continue to put great pressure on the market in the near future.

Therefore, investors can expect the ability to expand the uptrend of the market, but it is necessary to avoid overbought status and should take advantage of the uptrend of the market to take profits or sell to minimise risks for the portfolio.

On a sector basis, 23 out of 25 sector indices on the stock market lost ground, including wholesale, construction, rubber production, IT and logistics, agriculture, real estate, food and beverage, retail, seafood production, and plastic and chemical production.

The HNX-Index on the Ha Noi Stock Exchange (HNX) rose 0.12 per cent to close Tuesday at 210.73 points.

Over 92 million shares were traded on the northern exchange, worth VND1.28 trillion. — VNS

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