Tuesday, August 11 2020

VietNamNews

Shares drop on large-caps variation

Update: July, 14/2020 - 09:17

Automated production lines use robotic operating systems in Vinamilk's second mega factory in Mỹ Phước Industrial Park in southern Bình Dương Province. Shares of Vinamilk (VNM) lost 0.43 per cent on Monday. — VNA/VNS Photo Thế Anh

HÀ NỘI — Shares failed to maintain their rally on Monday with the market experiencing strong volatility with big variation in large-caps’ prices.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HOSE) declined 0.29 per cent to close at 868.72 points.

The index had gained a total of 2.78 per cent last week.

More than 246 million shares were traded on the southern market, worth VNĐ4.3 trillion (US$185.9 million).

Market breadth was negative with the number of decliners on the HOSE outnumbering the gainers by 230 to 149.

The VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, lost 0.35 per cent to close Monday at 806.17 points.

Shares gained slightly during the morning session fueled by the growth of blue-chips in banking and securities sectors.

But the afternoon session witnessed increasing selling pressure with many large-cap stocks falling, such as insurer Bảo Việt Holdings (BVH), steel maker Hoà Phát Group (HPG), Masan Group (MSN), Vingroup (VIC), dairy firm Vinamilk (VNM), brewery Sabeco (SAB), VPBank (VPB), Vincom Retail (VRE), Phú Nhuận Jewellery (PNJ), Mobile World Group (MWG) and Vinhomes (VHM).

Although some pillars still gained ground such as FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), Vietinbank (CTG), Vietcombank (VCB) and Việt Nam National Petroleum Group (PLX), their support was not strong enough to help the market rally.

According to Thành Công Securities Company, the VN-Index may fluctuate in the coming sessions, withstanding correcting pressure when approaching the 875-885 point range.

The company recommended that investors maintain share rates of 30-50 per cent in their portfolios and prioritise stocks with positive business results in the second quarter of 2020.

On a sector basis, 17 out of 25 sectors on the market suffered losses on Monday, including wholesale, retail, insurance, real estate, securities, banking, rubber production, food and beverage, seafood production, construction materials and logistics.

On the other side, losers were information and technology, agriculture, healthcare and energy.

Foreign investors net sold VNĐ64.3 billion on HOSE. They were net sellers on the HNX with a value of VNĐ40 million.

On the Hà Nội Stock Exchange, the HNX-Index was down 0.01 per cent to end Monday at 115.65 points.

More than 33.8 million shares were traded on the northern market, worth VNĐ370.5 billion. — VNS

 

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