VN-Index snaps six-day gain on profit-taking pressure

September 07, 2023 - 17:14

Market also witnessed a strong outflow of foreign capital on the southern exchange. 


Dinh Cố Gas Processing Plant under PV Gas. Shares of PV Gas soared nearly 1.4 per cent on Thursday, cushioning the market's downtrend. Photo

HÀ NỘI — The market ended mixed on Thursday, with the benchmark VN-Index snapping its gaining streak of six days. It also witnessed a strong outflow of foreign capital on the southern exchange. 

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) declined 2.36 points, or 0.19 per cent, to 1,243.14 points. It had rallied for six days in a row. 

After closing the last three sessions with an increase of over 10 points each, the VN-Index opened this morning on a positive note. 

However, efforts to breach the 1,250-point area encountered difficulties due to rising profit-taking pressure. This development gradually increased in the afternoon session, causing the VN-Index to struggle around the reference price.

In the short-term, the recovery has happened as expected and the index has almost approached the resistance threshold of 1,250 points, according to a report issued by Saigon - Hanoi Securities JSC (SHS) to investors on Wednesday.

At the current stage, from a technical perspective, the VN-Index will face a correction risk to form an accumulation base before heading toward the long-term resistance level of 1,300 points.

On the southern bourse, the breadth of the market was neutral as 159 stocks ticked up, while the same number saw poor performances. 

Liquidity, however, remained above VNĐ20 trillion but down slightly over the previous session. Of which, the trading value dropped 1.6 per cent to nearly VNĐ24.8 trillion (US$1.03 billion), while the trading volume reached more than 1.1 billion shares.

The 30 biggest stocks tracker VN30-Index also finished lower at 1,255.22 points, a decrease of 4.81 points, or 0.38 per cent. 

In the VN30 basket, 11 stocks advanced while 16 ticker symbols slid and three ended flat.

Data compiled by a financial website showed that banking, real estate and manufacturing stocks led the downtrend today. 

In particular, Vietcombank posted the biggest loss in market capitalisation, down 0.78 per cent. 

It was followed by Vinhomes (VHM), Vingroup (VIC) and Hoà Phát Group (HPG). All the stocks fell at least 1.2 per cent. 

Also weighing on the sentiment, securities stocks also reported poor performances. SSI Securities Corporation (SSI) dipped 1.03 per cent, VIX Securities JSC (VIX) plummeted 1 per cent, SHS fell 1.05 per cent, and Hồ Chí Minh City Securities Corporation (HCM) down 1.47 per cent. 

Adding to the bearish, foreign investors were net sellers on the southern market as they net sold up to VNĐ884 billion. 

The market pared losses as some large-cap stocks still gained well, with PV Gas (GAS) being the leader, up 1.38 per cent. 

Meanwhile, on the Hà Nội Stock Exchange (HNX), the HNX-Index rose 0.78 points, or 0.31 per cent, to 256.14 points. 

During the session, more than 120 million shares were traded on HNX, worth over VNĐ2.35 trillion. — VNS