Shares slump on foreign selling
Vietnamese shares ended Wednesday on a negative note after foreign investors extended their net selling streak, further damping investor sentiment.
Vietnamese shares ended Wednesday on a negative note after foreign investors extended their net selling streak, further dampening investor sentiment.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index lost 0.38 per cent, to close Wednesday at 1,101.66 points. The market's breadth was negative with 190 stocks increasing while 274 stocks declining.
The market liquidity stayed low as domestic investors poured over VNĐ11 trillion (US$447.7 million) into the southern market, equivalent to a trading volume of nearly 539 million shares.
Foreign investors net sold VNĐ557 billion on HOSE, including Vingroup (VIC) with VNĐ91 billion, Petrovietnam Cà Mau Fertiliser JSC (DCM) with VNĐ68 billion and SSI Securities Incorporation (SSI) with VNĐ55 billion. They were net sellers on the HNX with a value of VNĐ25 billion.
The VN30-Index dropped 0.34 per cent to 1,113.32 points. Of the VN30 basket, eight stocks rose while 20 slid and two stayed unchanged.
In the VN30 basket, worst performers included banking stocks, which fell and put great pressure on the overall market, including Sài Gòn Thương Tín Commercial Joint Stock Bank (STB), Sài Gòn-Hà Nội Bank (SHB), Asia Commercial Bank (ACB), Military Bank (MBB) and Vietinbank (CTG), VPBank (VPB), Techcombank (TCB), Tiên Phong Bank (TPB) and Liên Việt Post Bank (LPB).
"Market continues to recover to retest the MA line (200) of VN-Index, area 1,113 points, which the market has lost recently. Given the cash flow situation not clearly improving and pressure from the MA(200) area, it is expected that the recovery pace will slow down in this area and supply may put pressure back on the market in the near future," said Việt Dragon Securities Co.
"Therefore, investors need to observe supply and demand developments in the MA(200) region to reassess the state of the market. Temporarily, it is still necessary to consider the market's recovery ability to restructure the portfolio in a way that minimises risks," it said.
On the Hà Nội Stock Exchange (HNX), the HNX-Index lost 0.83 per cent to close Wednesday at 227.01 points.
During the trading session, nearly 72 million shares were traded on the northern bourse, worth over VNĐ1.35 trillion. — VNS
