Shares end lower as selling pressure increases

July, 01/2022 - 06:38

Vietnamese shares were ending a rough quarter in a sombre mood on Thursday amid increasing selling pressure which caused the VN-Index retreating from the 1200-point landmark.

 

FPT Corporation's software programmers. FPT lost 4.3 per cent Thursday. VNA/VNS Photo Danh Lam

HÀ NỘI Vietnamese shares ended Thursday in a sombre mood amid increasing selling pressure which caused the VN-Index to retreat from the 1,200-point mark.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index decreased 1.68 per cent, to end at 1,197.60 points.

It had increased 1.27 per cent, to end Wednesday at 1,218.10 points.

More than 510 million shares were traded on the southern bourse, equivalent to VNĐ11.3 trillion (US$485.6 million).

Market breadth was negative with 371 losers and 89 gainers.

Banking stocks lost ground with losers including Military Bank (MBB), Techcombank (TCB), Bank for Investment and Development of Việt Nam (BID), VietinBank (CTG), Việt Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), Tiên Phong Bank (TPB) and Vietcombank (VCB).

Energy stocks suffered selling pressure with losers such as Việt Nam National Petroleum Group (PLX), Bình Sơn Refining and Petrochemical Company Limited (BSR), PV Power (POW), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).

“Facing the resistance of 1,220 points, VN-Index dropped and formed a candlestick pattern showing the weakening of demand,” said Việt Dragon Securities Co.

“With this effort, the market still has the possibility to recover but the uptrend will be significantly slowed around the strong resistance area of 1,220 points, and further from 1,240 to 1,250 points.

“Therefore, investors should slow down to observe and take advantage of the uptrend to restructure the portfolio in the direction of minimising risk,” it said.

The 30 biggest stock tracker VN30-Index decreased 1.92 per cent, to end at 1,248.92 points.

Losers in the VN-30 group were FPT Corporation (FPT), Masan Group (MSN), and Khang Điền House (KDH), Phu Nhuan Jewelry (PNJ), Phát Đạt Real Estate (PDR), Sabeco (SAB), Vinhomes (VHM) and Mobile World Group (MWG).

In the basket, three stocks climbed, and 27 dropped.

On a sector basis, 24 out of 25 sector indices on the stock market lost ground, including insurance, oil and gas, banking, wholesale, construction, rubber production, IT and logistics, agriculture, real estate, food and beverage, retail, healthcare, seafood production, construction materials, securities, and plastic and chemical production.

On the Hà Nôi Stock Exchange (HNX), the HNX-Index lost 1.65 per cent to end Thursday at 277.68 points. The northern market index had risen 1.23 per cent to end Wednesday at 283.87 points.

Some 55.6 million shares were traded on the northern exchange, worth VNĐ1 trillion. — VNS

 

VN stocks