Customers buying Vinamilk products in a supermarket. The company shares posted the biggest loss in market capitalisation on Friday, down over 2 per cent. — Photo vinamilk.com.vn
Shares edged lower on Friday as selling pressure persisted but falls were capped by strong performance of real estate stocks.
The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed the last session of the week at 1,238.71 points, down 0.68 per cent or 8.54 points.
The market breadth was still negative as 355 stocks declined while 81 stocks increased during the session. But the market's liquidity stayed high with nearly 986.9 million shares traded on the southern bourse, worth nearly VND21.8 trillion.
Friday's losses are expected to extend to next week, according to Saigon - Hanoi Securities JSC (SHS).
The securities firm expected that the index might struggle and fluctuate around 1,250 points in the last trading session of the week. "The close of above or under 1,250 point-level of the index can suggest the trend for next week," SHS stated in a daily report to customers.
Bao Viet Securities Company said that the VN-Index is expected to test the support territory of 1,225 - 1,232 points again in the next sessions.
Selling pressure weighed on almost every sector, especially materials, banking, utilities and transportation sectors.
The VN30-Index lost 0.57 per cent, or 7.33 points, to finish Friday's trade at 1,276.87 points. Twenty-one of the 30 biggest stocks in the VN30 basket fell while only seven rose.
Vietnam Dairy Products JSC (Vinamilk, VNM) posted the biggest loss in market capitalisation, down 2.22 per cent. Followed by Vietnam Rubber Group JSC (GVR) and Vietcombank (VCB), down 4.32 per cent and 1.23 per cent, respectively.
Big stocks like JSC Bank For Investment and Development of Vietnam (BID), VPBank (VPB), Techcombank (TCB), Saigon Beer - Alcohol - Beverage Corporation (SAB), Vietjet Aviation Joint Stock Company (VJC) all lost more than 1 per cent.
However, gains in real estate and construction stocks limited the losses. Of which Vingroup JSC (VIC) still led the rally, up 1.49 per cent on Friday. Other stocks like No Va Land Investment Group Corporation (NVL) and Investment And Industrial Development Corporation (BCM) also rose more than 5 per cent.
On the Ha Noi Stock Exchange, the HNX-Index slid by 1.02 per cent to 293.11 points due to falls in large-cap stocks. The HNX30-Index, tracking the 30 biggest stocks in HNX, declined 0.76 per cent to 440.43 points.
During the last session, domestic investors poured over VND3.8 trillion into the market, equivalent to a trading volume of over 225 million shares.
On the contrary, foreign investors were still net sellers in the market with a total value of VND535.27 billion. Accordingly, they net sold a value of VND560.83 billion on HoSE and a value of VND3.48 billion on UPCOM, while net buying a value of VND29.04 billion on HNX. — VNS