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Market mixed on Monday as foreign bloc returns to net selling
vietnamnews - 10/1/2024 9:42:16 AM
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The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed at 1,287.94 points, down 2.98 points, or 0.23 per cent.
 
 
A customer completes procedures at a VPBank transaction counter. The bank's VPB shares led the gainers on a bearish market day. — VNA/VNS Photo
 
The stock market began the week on a downturn, extending the VN-Index's losing streak to a second consecutive session as foreign investors resumed net selling after three consecutive net buying sessions.
 
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed at 1,287.94 points, down 2.98 points, or 0.23 per cent.
 
On the southern bourse, market breadth was negative, with 189 stocks declining, 115 advancing and 58 remaining unchanged. Liquidity fell to VNĐ16.3 trillion (US$659.8 million), marking an 11 per cent increase compared to the previous session.
 
The VN30-Index, which tracks the top 30 stocks by market capitalisation on the HoSE, edged down by 0.01 points to 1,352.5 points. Within the VN30 basket, 19 stocks fell, eight gained and three remained unchanged.
 
The market's downturn was led by large-cap stocks in the financial and real estate sectors, with the Bank for Foreign Trade of Vietnam (VCB) posting the steepest decline in market capitalisation, falling by 0.54 per cent and contributing nearly 0.68 points to the VN-Index's overall decrease.
 
It was followed by Vinhomes JSC (VHM), which declined by 1.38 per cent, the Bank for Investment and Development of Vietnam (BID), which dropped by 0.8 per cent, and Vingroup Joint Stock Company (VIC), which decreased by 1.18 per cent.
 
However, the market's losses were mitigated by gains in certain pillar stocks, led by the Vietnam Prosperity Joint Stock Commercial Bank (VPB), which rose by 1.77 per cent, contributing nearly 0.7 points to the VN-Index.
 
Experts from Viet Dragon Securities noted: “Liquidity declined compared to the previous session but remained at a high level, indicating that supply continues to exert significant pressure as the market approaches resistance levels. Given the current cautious candle signals, market movements may temporarily slow down and possibly undergo a correction in the upcoming session to test the supportive cash flow around the 1,285-point region.
 
"Therefore, investors should take a slower approach, observing the supply-demand dynamics to reassess the market's condition. For now, it is advisable to consider this rebound as an opportunity to adjust portfolios towards risk mitigation."
 
On the Hanoi Stock Exchange (HNX), the HNX-Index also declined by 0.34 per cent, closing at 234.91 points.
 
During the session, shares worth more than VNĐ1.1 trillion were traded, with a total trading volume of over 56 million shares on the northern bourse.
 
Foreign investors resumed their selling spree, with net sales amounting to over VNĐ505 billion on the HoSE. — VNS
 
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