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Shares slump on selling pressure

Investors follow stock movements at Bảo Việt Securities Company in Hà Nội. — VNS Photo Việt Thanh

HÀ NỘI — Shares suffered a strong correction on Tuesday on the two stock exchanges as selling pressure hit many large-caps.

The benchmark VN-Index on the HCM Stock Exchange dropped 0. 五 二 per cent to close at  一, 一 九 八. 一 二 points. It had gained 0. 三 六 per cent on Monday.

According to Bảo Việt Securities Company (BVSC), the VN-Index is predicted to keep moving sideways around the  一, 二00 threshold in the next sessions, but could still hit  一, 二 五0- 一, 二 七0 in the high range in the short term.

“However, the index could still suffer some volatility and corrections while increasing, especially when reaching new highs,” BVSC said in its daily report.

The HNX Index on Hà Nội Stock Exchange fell 0. 八0 per cent to end at  一 三 六. 六 八 points, extending its downtrend from the previous 0. 二 per cent decline.

More than  三 五 三. 四 million shares worth VNĐ 一0. 三 trillion (US$ 四 五 六 million) were traded on the two local exchanges.

Declining stocks dominated the two bourses, outnumbering gainers by  三 一 八 to  一 四 八, which proved that investor confidence was low in the morning session.

Large-cap stocks underperformed as the VN 三0 Index lost 0. 八 二 per cent to reach  一, 一 六 八.0 六 points, with  一 九 declining stocks against nine gainers among the  三0 largest stocks by market capitalisation.

Large-cap stocks fell across the board, including dairy firm Vinamilk (VNM), property developer Vingroup (VIC), PetroVietnam Gas Joint Stock Corporation (GAS) and Vietinbank (CTG).

The UPCOM Index on the Unlisted Public Company Market fell 0.0 五 per cent to stay at  六0. 四 二 points, reversing its previous 0. 三 六 per cent rally.

Foreign investors today were net buyers of VNĐ 五 六. 九 二 billion on HOSE, focusing on HCM City Development Bank (HDB) with VNĐ 一 九0. 四 billion, VNM with VNĐ 五 九. 九 billion and Sai Gon Securities Incorporation  (SSI) with VNĐ 五 五 billion. In addition, they bought a net of VNĐ 二 三. 八 八 billion on the HNX.

Across the stock market, the securities, real estate, agriculture and retail sectors were the worst-performing industries.

Their indices declined between 0. 四 per cent and  二. 六 per cent, according to data of vietstock.vn.

Worst performers in the securities sectors included Sai Gon Securities Incorporation (SSI), Việt Capital Securities Joint Stock Company (VCI), Hồ Chí Minh City Securities Corporation (HCM), VNDirect Securities Corporation (VND) and FPT Securities Joint Stock Company (FTS), each falling between 0. 八 六 and  二. 一 七 per cent.

Meanwhile, insurance-finance companies and banks as well as energy firms lifted the indices against the poor performance of other sectors.

According to BIDV Securities JSC (BSC), the indices are in the adjustment period after a long rally, waiting for information relating to the world’s economic and political situation. Investors should be cautious with new disbursements, lowering the margin rate in this sensitive market.

Bảo Việt Securities Company (BVSC) said in its daily report that selling pressure increased after a lengthy period of uptrend in the VN-Index, signaling bad news for the overall market. However, in the season of firms’ annual general meetings (AGM), the market will diverge based on each company’s result. — VNS