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Monday, June 24, 2024

Poor cash flow behind market’s loss

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HCMC – Weak cash flow and selling pressure on many bluechips sent the VN-Index of the Hochiminh Stock Exchange dropping by 0.35% today, June 23.

With 190 rising stocks and 198 others falling, the main index lost 3.08 points against the session earlier at 868.2. Trade volume totaled some 455.4 million shares worth VND6.8 trillion, improving by 30% and 28%, respectively. Some 54.7 million shares valued at VND1.6 trillion were traded in block deals.

In the bluechip group, property firm VIC, housing developer VHM, retailer VRE and lenders BID and CTG were in negative territory, dipping by 0.9%-2.8%.

Meanwhile, other bluechips, including bank stock VCB, gas firm GAS and dairy firm VNM, made slight gains, saving the main index from a sharp decrease.

Construction firm CTD continued to hit the ceiling price, with matching volume of 2.3 million shares.

The southern market saw cash flow focus on securities stocks, with SSI ending the day up 5.9%. Over 14 million SSI shares were transacted while HCM and VND also performed well, seeing 5.2 million HCM shares and 1.6 million VND shares changing hands.

The supporting news that FLC Chairman Trinh Van Quyet has registered to buy 15 million shares of property developer FLC helped the stock go up to the ceiling price, with 24 million shares transacted.

Realty trading firm HQC took the lead on the southern bourse by liquidity with over 32 million shares traded, but closed the session down 6.4%.

Many other speculative stocks lost ground, with real estate group DBC plunging to the floor price and ending a five-day rising streak.

On the Hanoi Stock Exchange, the HNX-Index fell 0.09% against the session earlier at 114.63 points as many large caps lost steam.

Lenders ACB and SHB underperformed, closing the day down 0.4% and 2.1%, respectively, while property enterprise CEO and apparel firm TNG faced the same fate.

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