Indices extend losses on persistent selling force

December 08, 2022 - 05:46
The market is likely to experience other fluctuations but soon returns to the uptrend in the near future
Vincom Center in Ngọc Khánh Ward, Ba Đình District, Hà Nội. Vingroup's shares jumped on Wednesday, cushioning the market's bearish trend. Photo

HÀ NỘI — Lingering selling pressure continued to weigh on the market on Wednesday, however indices pared losses on gains of some pillar stocks. 

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index fell for the second day in a row to 1,401.02 points, a decline of 7.67 points, or 0.73 per cent. It lost nearly 45 points in the previous session. 

There were still more stocks clinging to the downside, of which 268 stocks on HoSE ended the trading day lower with 60 stocks hitting the biggest daily decrease of 7 per cent. Meanwhile, only 78 stocks edged higher. 

Liquidity also posted a strong drop of more than 40 per cent in trading value over the last session to VNĐ14 trillion (US$588.2 million), equivalent to a trading volume of nearly 920.94 million shares.

The VN30-Index also finished lower to 1,047.58 points, a decrease of 6.48 points, or 0.61 per cent. 

Fifteen of the 30 biggest stocks in the VN30 basket slumped, of which one stock hit the floor price, while 12 stocks increased with one registering the maximum daily gain of 7 per cent. And three stocks ended flat. 

From a positive perspective, analysts at the Saigon - Hanoi Stock Exchange (SHS) said that after Tuesday's correction, the market is likely to experience other fluctuations but soon return to the uptrend in the near future, heading to a resistance zone of 1,150 points. 

"For short-term investors, the corrections are opportunities to buy shares," SHS added. 

Banking and manufacturing stocks continued to face sell-offs and led the general downtrend. Specifically, Vietcombank was the worst performer yesterday, down 1.88 per cent. 

It was followed by PV Gas (GAS), VPBank (VPB), Masan Group (MSN) and Novaland (NVL), down in a range of 1.96-7 per cent, with NVL posting the biggest intra-day loss of 7 per cent. 

Losses in other big names like Techcombank (TCB), MBBank (MBB), Hòa Phát Group (HPG), Vietnam Rubber Group (GVR) and Becamex (BCM) also pressured investors' sentiment. 

The index pared losses thanks to gains in some pillar stocks, led by property developer Vingroup (VIC). The company's shares rose 7 per cent yesterday. 

The HNX-Index on the Hà Nội Stock Exchange (HNX) also extended the bearish trend, down 2.87 points, or 1.35 per cent, to 209.93 points. 

During the session, more than 115 million shares were traded on the northern bourse, worth nearly VNĐ1.6 trillion.

Foreign investors continued to be net buyers on two main exchanges. Of which they net bought a large amount of over VNĐ1 trillion on HoSE and VNĐ26.78 billion on HNX.