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Main index lags despite many stocks flying high

The Saigon Times

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HCMC – Strong cash flow prompted many small and medium stocks to close at their upper limits, but the sluggish trading of bluechips pulled down the benchmark VN-Index today, September 14.

With 168 advancers and 234 decliners, the main index shed 1.73 points, or 0.13% over the session earlier at 1,339.7. More than 730 million shares worth over VND19.6 trillion were traded on the southern bourse, falling nearly 6% in volume and 15% in value against yesterday. Shares transacted in block deals contributed around VND1.5 trillion to the overall value.

The rise of consumer goods producer MSN and brewery SAB failed to save the main index from falling, as the index came under pressure from the poor performance of bank stocks as well as steelmaker HPG and low-cost carrier VJC.

SAB made headway and remained the biggest advancer among bluechips in the morning phase, up 4.5%. However, it slowed down in the afternoon and rose only 2.8% at the close. MSN extended rally and gained 3.8%. These two made a substantial contribution to the VN-Index. Some other bluechips edged up slightly such as retailer VRE, tech firm FPT, rubber group GVR, lender VCB, and gas firm GAS.

Meanwhile, lots of lenders including CTG, VPB, BID, TCB, and MBB dragged down the index, in addition to HPG and VJC. Of them, CTG was the biggest loser as it fell 2%, while VJC, HDB, VPB, and ACB shed 1.3-1.7% each.

Other poor performers included jewelry maker PNJ and electricity firm POW, down 3.3% and 3%, respectively. Some major property developers— NVL, PDR, VHM, VIC, KDH—moved sideways.

Contrary to the market downward trend, small and medium stocks were actively traded as the strong cash flow sent over 40 of them to their ceiling prices, with real estate and construction firms being outstanding cash magnets. Realty trading firm HQC led the HCMC market by liquidity with nearly 32 million shares changing hands, followed by its fellow DLG with over 26 million shares traded.

Besides, many stocks in the import-export, telecoms, pharmaceuticals, and transportation sectors reached their upper limits.

On the northern bourse, the increased selling pressure drove the HNX-Index down at the close. With 100 winners and 90 losers, the HNX-Index lost 1.2 points, or 0.34% against the previous session at 347.86.

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