Shares cut early gains to end lower on Monday as selling pressure suddenly appeared in the afternoon session, causing many large-cap stocks to fall deeply and pushed the VN-Index back below the reference level.
|Hung Yen Province-based Hoa Phat Steel Company of the Hoa Phat Group (HPG). HPG lost 2.1 per cent yesterday.- VNA/VNS Photo Pham Kien |
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) reversed the morning course to inch down 0.37 per cent, to 1,438.97 points. The index had risen 4.2 per cent last week.
The market's breadth turned negative with 249 stocks declining, while 216 rose.
Liquidity soared to a record high with 1.1 billion shares traded on the southern bourse, worth VND33.7 trillion (US$1.48 billion).
The index's reversal was due to losses in large-cap stocks. The 30 biggest stocks tracking VN30-Index fell sharply 1.02 per cent, to 1,516.75 points. Twenty in the VN30 basket increased, while seven climbed and three ended unchanged.
In the VN-30 basket, losers included Tien Phong Bank (TPB), falling 4.1 per cent, Phat Dat Real Estate (PDR) declining 3.4 per cent, Masan Group (MSN) down 3.1 per cent, Hoa Phat Group (HPG) falling 2.1 per cent and PetroVietnam Gas (GAS) down 2.2 per cent.
However, the index's loss was capped by gains in some pillar stocks. PVPower (POW) gained by more than 3 per cent, SSI Securities Inc (SSI) and Vietinbank (CTG) rose 2 per cent. Sabeco (SAB), Bank for Investment and Development of Vietnam (BID), Novaland (NVL) and HDBank (HDB) were among the rest of the gainers.
“The market experienced a struggling session in a narrow range,” said BIDV Securities Co.
“Liquidity increased by more than 12 per cent compared to the previous session. Foreign investors were net buyers on the HoSE and net sellers on the HNX. This week, the market may have correction sessions and continue to maintain the upward momentum to reach new high areas,” it said.
Foreign investors net bought VND61.77 billion on HOSE, including Vinhomes (VHM) with VND158.17 billion, Vietinbank (CTG) with VND70.70 billion. They were net sellers on HNX with a value of VND36.14 billion.
Meanwhile, the HNX-Index on the Ha Noi Stock Exchange (HNX) still rose 0.83 per cent, to 415.54 points. The index had climbed 4.1 per cent last week.
During the trading session, investors poured VND4.1 trillion into the northern market, equivalent to a trading volume of 169 million shares.