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Bluechips become main drags on local stock market

The Saigon Times

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HCMC – Mounting sell-off pressure in the afternoon phase along with the decline of bluechip stocks prompted the benchmark VN-Index of the HCMC market to reverse course to finish lower today, December 10.

The main index shed 4.44 points, or 0.3% from the session earlier to close at 1,463.54, with 169 stocks rising and 275 others falling. Turnover on the southern bourse rose nearly 20% in volume and nearly 18% in value compared to the previous session at over 798 million shares and over VND23 trillion, including around VND919 billion worth of shares traded in block deals.

Bluechips were the main drag on the main index as up to 20 of them were losers. Of them, real estate developer VIC, the biggest stock by market cap, was the steepest decliner, falling 3.6% to its intraday low of VND103,100.

Besides, other largecaps such as gas firm GAS, property group NVL, fuel distributor PLX, brokerage SSI, and steelmaker HPG lost over 1%. Housing developer VHM and dairy company VNM also dropped over 0.8%.

Meanwhile, electricity firm POW extended rally and was the biggest gainer in the VN30 basket as it expanded 5.2% and saw more than 38.8 million shares changing hands. Other winners included insurer BVH, and lenders TPB, BID, and VCB that rose around 1%.

As for the performance of stocks by sector, bank stocks slowed down after making headway in the morning phase. Aside from SSB and SHB moving sideways, many of their fellows reversed course to end lower amid mounting sell-off pressure, such as TCB, CTG, MBB, and STB.

Securities stocks had yet to bounce back as most of them closed in the red. Only VIX and VCI increased slightly.

Also, steel stocks continued their losing streak as a host of them ended at their intraday low. HPG lost 1.3%, HSG, SMC, and NKG each dipped over 2%.

Among real estate and construction stocks, big names in the field such as VIC, VHM, and NVL extended losses, while KBC, VCG, and FCN advanced.

Small and medium stocks stole the limelight today. Farming group HAG and its affiliate HNG continued to stage a good performance and each reported a matching volume of around 30 million shares. Also, ITA gained 3.7%, HQC and ROS inched up slightly.

The poor performance of bluechips on the northern bourse also dragged down the HNX-Index. With 92 winners and 146 losers, the index lost 1.78 points, or 0.39% against yesterday at 450.75. In the HNX30 basket, 16 stocks declined while 12 others rose, with steep decliners being real estate and construction stocks.

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