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Bluechips enter correction, dragging main index down

The Saigon Times

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HCMC – Some bluechips that suddenly reversed course to end lower prompted the benchmark VN-Index of the HCMC market to close in the red today, November 9.

With 200 stocks advancing and 253 others declining, the main index fell 0.41%, or lost 6.07 points against the previous session to close at 1,461.5. Turnover on the southern bourse dipped by a slight 4% in volume and 5% in value versus yesterday at over one billion shares and more than VND29.9 trillion.

Some largecaps turned losers and affected the main index, with gas firm GAS contracting 3.1% to VND119,200, consumer good producer MSN shedding 2.8% to VND147,800, and lenders BID and VCB losing 2.1% and 1.1%, respectively.

Some other bluechips that encountered losses included jewelry maker PNJ and electricity firm POW declining 1.9% each, dairy firm VNM, mobile phone retailer MWG, lender VPB, retailer VRE, and property developer NVL inching down by 1.1-1.5%, in addition to other underperformers like HPG, TCB, and SSI.

Bucking the market downtrend, lender HDB was the best performer among the bluechips as it expanded 2.6%. Insurer BVH improved 2% and housing developer VHM added 0.7%.

Small and medium stocks still ended in positive territory, with farming group HAG soaring 6.8% to hit its upper limit and leading the southern bourse by liquidity with over 45 million shares traded. HNG, a business arm of HAG, rose 1.7% and saw some 16.5 million shares changing hands.

Further, property stocks again were cash magnets as HDC and LDG reached their ceiling prices. VGC, TIP, DRH, PTL, GEX, KBC, and NTL also made gains.

Stocks in the transport and seaport sectors also made gains with STG and PVT hitting upper limits, and VSC, GMD, and GSP soaring sharply. Similarly, stocks in the agriculture, food and beverage sectors closed at their ceiling prices, including TSC, ANV, AMV, SCD.

On the northern bourse, the HNX-Index gained 0.54 points, or 0.12% over the session earlier at 432.64, with 123 winners and 109 losers. Real estate developer CEO stole the limelight, surging 9.5% to its upper limit and remaining the most actively traded stock on bourse with over 17 million shares finding buyers. Other advancers included IDC, KSF, LIG, and VHE.

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