Shares reverse to fall on selling pressure

Wednesday, Nov 08, 2023 06:56

A production line of beer company Sabeco (SAB). SAB lost 1.7 per cent on Tuesday. — Photo Sabeco

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

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index lost 0.86 per cent to close at 1,080.29 points. The index had gained 1.20 per cent on Monday.

Market breadth was negative with 138 gainers and 378 decliners.

Some 634.5 billion shares were traded on the southern exchange, worth VNĐ12.6 trillion (US$517.7 million).

The market approaches the level of 1,080 - 1,100 points. Cash flow is gradually becoming cautious, shown by reduced liquidity compared to the previous 2 sessions, according to Việt Dragon Securities Co.

"With the pressure of the resistance, it is possible that the market will encounter difficulties when approaching 1,100 points, and the risk of retreating still exists. Therefore, investors should slow down and observe supply and demand at the resistance to evaluate the market. Temporarily, it is necessary to consider the market's recovery ability to take profits or restructure the portfolio to reduce risks."

The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, dropped 0.98 per cent to reach 1,092.71 points. In the basket, two stocks climbed, two stayed flat and 26 slid.

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

Banking stocks suffered strong selling force during the trading session. Those slumping included Techcombank (TCB), Vietcombank (VCB), VPBank (VPB) and Asia Commercial Bank (ACB), Vietinbank (CTG), HDBank (HDB), Tiên Phong Bank (TPB) and Bank for Investment and Development of Vietnam (BID).

Energy stocks were also hit by 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).

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, food and beverage, seafood production, and plastic and chemical production.

The HNX-Index on the Hà Nội Stock Exchange (HNX) lost 0.59 per cent to close Tuesday at 218.29 points.

Over 88.9 million shares were traded on the northern exchange, worth VNĐ1.6 trillion. — VNS

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