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Local stocks dip into the red, VN-Index loses steam

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HCMC – Under heavy selling pressure, many large-cap stocks dipped into the red, dragging the VN-Index of the Hochiminh Stock Exchange down today, October 8.

Market breadth turned negative as losing stocks outnumbered advancing ones by 253 to 158. The main index fell 0.88 points, or 0.1%, against the session earlier, at 918.84. Trade volume and value dropped by 10%, from the previous session, at over 470.3 million shares worth VND7.9 trillion. Block deals contributed VND755 billion to the total value.

Consumer goods producer MSN closed up 3.2% to the intraday high and saw over 4.8 million shares change hands, helping save the main index from deep fall.

Trading in positive territory, jewelry firm PNJ, steelmaker HPG, tech giant FPT and mobile phone retailer MWG were among supporters for the southern bourse.

On the negative side, in the VN30 basket, 20 stocks lost ground, with lenders TCB and VPB shedding 2.1% and 1.3%, respectively.

Lender STB led the basket by liquidity with over 21.3 million shares changing hands, but closed down 1.1%.

Industrial zone developer ITA was the most actively traded stock on the southern bourse, with a matching volume of over 29.3 million shares, slightly increasing by 0.2% at the close.

Many other speculative stocks, including construction firm ROS, real estate firms FLC and LDG and property developer DXG, were among key laggards.

The HNX-Index of the Hanoi Stock Exchange extended its losing streak, closing the day down 0.52 points, or 0.38%, from the day earlier, at 135.61.

Lender ACB took the lead on the northern bourse by liquidity with over 13.8 million shares transacted, but lost 0.9% at VND23,200 per share, while industrial firm VCS, gas firm PLC and housing firm NDN dropped by 1.7%-2.7%, contributing to the decline in the index.

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