Market reverses course, but losses capped by gains in real estate stocks

Market reverses course, but losses capped by gains in real estate stocks

HÀ NỘI — Việt Nam's stock market edged lower on Tuesday as selling pressure reappeared in many sectors.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE), fell  四. 一 二 points, or 0. 三 三 per cent, to  一, 二 四 八. 三 三 points.

Despite the market breadth turning negative with  一 一 三 stocks increasing while  三 一 二 stocks declined, the market's liquidity was higher than yesterday. Domestic investor poured VNĐ 二 三. 四 七 trillion into the southern bourse, equivalent to a trading volume of nearly  一.0 三 billion shares.

Analysts from Bảo Việt Securities Company remain optimistic about the market's bullish trend. 

"The VN-Index is expected to continue to gain points and head towards the resistance territory of  一, 二 七 五 -  一, 三00 points in the short-term,"大众Trần Xuân Bách, a senior stock analyst from Bảo Việt, said. 

"The market will witness a strong division between stock lines, as well as fluctuations and corrections when the index is approaching the resistance levels to the next highs.

"Local cash inflows are still the main driving force for the market during this period. Large-cap stocks, especially leading stocks, will alternately rise to support the market."

The  三0 large-cap tracker VN 三0-Index also closed lower, down 0.0 七 per cent to  一, 二 七 七. 三 五 points. Seven of the  三0 biggest stocks in market capitalisation climbed, while twenty stocks declined and three stayed unchanged. 

Big stocks from most sectors including banking, materials, utilities, information technology, transportation and logistics posted poor performance. 

Of the top five stocks weighing the market's trend, three were from banking sectors, one from materials and one from utilities.

These stocks were Vietcombank (VCB), JSC Bank For Investment And Development of Việt Nam (BID), Vietinbank (CTG), Hoà Phát Group (HPG) and PetroVietnam Gas JSC (GAS).

However, the losses were capped by gains in the real estate and construction sector. Of which, Vingroup JSC (VIC) was still the biggest gainer in market capitalisation, up  六. 五 九 per cent. 

On the Hà Nội Stock Exchange (HNX), the HNX-Index lost  一. 一 三 per cent to close Tuesday at  二 九 二. 一 九 points. The index was weighed by large-cap stocks as the HNX 三0-Index, which tracks the  三0 biggest stocks on the northern market, slid  二. 二 六 per cent to  四 四 一. 七 一 points. 

During the session, nearly  二 三 二. 六 million shares were traded on HNX, worth over VNĐ 四.0 三 billion.

Foreign investors returned to be net buyers on both exchanges, as they net bought a value of VNĐ 一 二 六. 七 九 billion on HoSE and a value of VNĐ 五 九. 二 六 billion on HNX. — VNS