Sunday , August 14 2022

Shares reverse course to fall, large-cap falter

 

The lobby area of an FPT Corporation building in Hà Nôi. FPT lost 3.1 per cent Tuesday. Photo fpt.com.vn

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

On the Hồ Chí 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 VNĐ16.1 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 Phú Nhuận Jewellery (PNJ), FPT Corporation (FPT), steelmaker Hoà Phát Group (HPG), Bảo Việt Holdings (BVH), Vietnam Airlines (HVN), VPBank (VPB), and Tiên Phong Bank (TPB).

PNJ was down 5.2 per cent, FPT lost 3.1 per cent, Hoà Phát 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 Bùi Văn Huy, Brokerage Director of Hồ Cí 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 VNĐ10,000 to VNĐ15,000 per session,” said Huy.

On the Hà Nội 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 VNĐ2 trillion being traded on the northern market. — VNS

 

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