Large-cap stocks extend losses, VN-Index falls for 2nd day

October, 05/2022 - 07:10
The market ended lower on Tuesday as some large-cap stocks lost further in the late session, causing the VN-Index to lose ground. Meanwhile, foreign investment kept fleeing the market.
A worker collecting latex on a rubber plantation. Vietnam Rubber Group (GVR) shares lost 6.2 per cent yesterday. VNA/VNS photo

HÀ NỘI — The market ended lower on Tuesday as some large-cap stocks lost further in the late session, causing the VN-Index to lose ground. Meanwhile, foreign investment kept fleeing the market.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) fell 0.76 per cent to end at 1,078.14 points.

The index had plunged 4.03 per cent, to close Monday at 1,086.44 points.

The market's breadth remained negative with 144 gainers and 312 losers.

More than 582.8 million shares traded on the southern market, worth over VNĐ12 trillion (US$502.5 million).

The index was weighed by losses in some large-cap stocks, with the VN30-Index posting a decrease of 0.39 per cent, to 1,097.72 points. Fourteen of the 30 biggest stocks in the VN30 basket slid, while 15 stocks climbed and one stayed flat.

Pillar stocks continued to lead the market's downtrend. Losers in the group included Việt Nam Rubber Group (GVR), down 6.2 per cent, Bảo Việt Holdings (BVH), falling 3.2 per cent, PetroVietnam Gas JSC (GAS) declining 0.9 per cent, Hoà Phát Group (HPG) losing 4.6 per cent and SSI Securities (SSI) dropping 3.5 per cent.

Bank stocks also contributed to the benchmark's losses with Asia Commercial Bank (ACB) down by 2.8 per cent, Sacombank (STB) down by 2.3 per cent, Tiên Phong Bank (TPB) down 0.2 per cent and BIDV (BID) down 1.7 per cent.

The index pared losses on the back of some stocks like Phát Đạt Real Estate Development JSC (PDR), Vinhomes (VHM), Sabeco (SAB), Mobile World Group (MWG), Khang Điền House (KDH), FPT Corporation (FPT) and Vietjet (VJC).

On the Hà Nội Stock Exchange (HNX), the HNX-Index lost 1.07 per cent, to 235.61 points.

During the session, 56 million shares were traded on the northern market, worth over VNĐ937 billion.

On the other hand, foreign investors still were net sellers on both main exchanges, with a total value of VNĐ500 billion.

The current support level of VN-Index is 1,070-1,080 points. However, the market sentiment is currently negative, the index might break this support in the next few sessions, said BIDV Securities Co. — VNS

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