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Market continues losing streak as liquidity hits eight-week high
vietnamnews - 10/4/2024 9:32:13 AM
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The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed at 1,278.1 points, down 9.74 points, or 0.76 per cent, while liquidity hit an eight-week high.
 
 
At a corner of the Vinhomes Oceanpark 3 urban area. VHM shares of Vinhomes saw the sharpest decline in the market on Thursday. — VNA/VNS Photo
 
The stock market extended its losing streak for the second consecutive day, while liquidity surged to its highest level in eight weeks, with foreign investors continuing their bottom-fishing efforts in a net buying streak.
 
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed at 1,278.1 points, down 9.74 points, or 0.76 per cent.
 
On the southern bourse, market breadth was negative, with 241 stocks declining, 76 advancing and 43 remaining unchanged. Liquidity soared to VNĐ23.2 trillion (US$934 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, also declined, falling by 8.05 points to 1,346.46 points. Within the VN30 basket, 20 stocks fell, eight gained and two remained unchanged.
 
The market's downturn was led by large-cap stocks in the financial and real estate sectors, with Vinhomes JSC (VHM) recording the steepest decline in market capitalisation, falling by 4.15 per cent and contributing nearly 1.83 points to the VN-Index's overall decrease.
 
It was followed by Vietnam Technological and Commercial Joint Stock Bank (TCB), which declined by 2.21 per cent, and Vingroup Joint Stock Company (VIC), which dropped by 1.66 per cent.
 
However, the market's losses were partly offset by gains in certain pillar stocks, led by the Vietnam Prosperity Joint Stock Commercial Bank (VPB), which rose by 1.52 per cent, contributing nearly 0.6 points to the VN-Index.
 
Experts from SHS Securities noted: "The short-term trend of the VN-Index is expected to grow, with the nearest support around 1,280 points, just below strong resistance at the psychological level of 1,300 points. Technically, the market requires at least one session with positive signals, closing above 1,300 points with trading volume surpassing the average to confirm the next upward trend.
 
"The VN-Index is likely to fluctuate within the narrow range of 1,270–1,300 points. The 1,300-point zone is a key resistance level that fundamentally requires strong momentum from macroeconomic growth and corporate earnings. Thus, further evaluation of business results and third-quarter GDP growth in October 2024 is necessary."
 
On the Ha Noi Stock Exchange (HNX), the HNX-Index also declined by 0.72 per cent, closing at 233.35 points.
 
During the session, shares worth more than VNĐ1.3 trillion were traded, with a total trading volume of over 73 million shares on the northern bourse.
 
Foreign investors extended their net-buying streak, with net purchases amounting to over VNĐ573 billion on the HoSE. — VNS
 
Read original article here
 
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