Shares post steep fall on selling pressure

February 22, 2023 - 17:59
Shares posted a steep fall on Wednesday as market was still under selling pressure to take profit due to the previous low-priced purchases.
Novaland's head office on Nguyễn Du Street, District 1, HCM City. Photo courtesy of Novaland

HÀ NỘI — Shares posted a steep fall on Wednesday as the market was still under selling pressure to take profit due to the previous low-priced purchases.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index dropped 2.58 per cent, to 1,054.28 points.

The market's breadth was negative with 60 gainers and 364 losers.

During the session, some 814 million shares were traded on the southern bourse, worth over VNĐ12.7 trillion (US$534.7 million).

The benchmark's downtrend on Wednesday was also due to losses of many large-cap stocks. The VN30-Index, which tracks the 30 biggest stocks on HoSE, fell 2.76 per cent, to 1,051.08 points.

All 30 stocks in the VN30 basket went down.

In the VN-30 basket, the worst performers included The Việt Nam Rubber Group (GVR), FPT Corporation (FPT), Masan Group (MSN, Hoà Phát Group (HPG), Vietjet (VJC), Vinamilk (VNM), Novaland (NVL), Sabeco (SAB), Vingroup (VIC), Vincom Retail (VRE), Vinhomes (VHM), Phát Đạt Real Estate (PDR) and PVPower (POW).

Banking-financial stocks performed poorly, with losers being Vietinbank (CTG), Military Bank (MBB), Sacombank (STB), VPBank (VPB), Asia Commercial Bank (ACB), Bank for Investment and Development of Vietnam (BID), Vietcombank (VCB) Techcombank (TCB) and SSI Securities Inc (SSI).

Financial news site said many oil and gas stocks suffered from correcting pressure and fell deeply, including PetroVietnam Gas JSC (GAS), PV Power (POW), PetroVietnam Drilling & Well Services Corporation (PVD), PV OIL (OIL), Bình Sơn Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

All 25 sector indices in the market lost ground, including real estate, securities, oil and gas, wholesale, retail, information and technology, food and beverage, rubber production, construction, seafood processing, construction materials, insurance and logistics.

VN-Index corrected when approaching the resistance zone of 1,090-1,095 points. In the scenario of possible further declines, VN-Index will receive support at 1,070-1,080 points. If it successfully holds at this support zone, investors can continue to open short positions, focusing on sectors such as securities, steel, cement, textiles, construction, oil and gas.

On the Hà Nội Stock Exchange (HNX), meanwhile, the HNX-Index lost 1.92 per cent to end at 209.96 points.

During the trading session, investors poured more than VNĐ1.8 trillion into the bourse, equivalent to a trading volume of more than 109 million shares. — VNS