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Market down as large caps lose steam

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HCMC – The VN-Index of the Hochiminh Stock Exchange lost ground today, September 17, ending its four-day winning streak, as many large-cap stocks came under heavy selling pressure.

At the close, the main index dropped 3.43 points, or 0.38%, from the session earlier, at 894.04, with losers outnumbering gainers by 236 to 158. Trade volume totaled over 395 million shares worth VND6.5 trillion, up 36% in volume and 30% in value against the previous session. There were 24.3 million shares valued at VND662 billion traded in block deals.

In the VN30 basket, over 20 stocks, including consumer goods producer MSN, fuel distributor PLX and lender VCB, were in negative territory.

Property firm VIC and retailer VRE were major drags of the main index, dipping by 1.6% and 2.1%, respectively.

Steelmaker HPG bucked the trend, ending the day up 2.8%. HPG and other large caps such as dairy firm VNM and lender CTG, saved the main index from a steep decline.

HGP led the southern bourse by liquidity with 26.7 million shares changing hands, followed by speculative stock ITA, an industrial zone developer, with a matching volume of over 24 million shares.

Other speculative stocks such as construction firm ASM and consumer goods firm IDI kept attracting cash flow.

Buoyed by many large-cap stocks, the HNX-Index of the Hanoi Stock Exchange gained ground, closing the day up 0.47%, from the session earlier, at 128.47 points.

Lenders ACB and SHB, construction firm VCG and oil and gas firm PLC advanced 0.7%-1.8%. ACB was the most actively traded stock on the northern bourse with over 12.3 million shares transacted.

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