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Wednesday, July 24, 2024

Profit taking in bluechips weighs down main index

The Saigon Times

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HCMC – The VN-Index of the Hochiminh Stock Exchange reversed course to close lower today, January 5, as a host of bluechip stocks lost ground on profit taking pressure.

With 221 stocks rising, 240 dipping, and 43 others closing unchanged, the benchmark index shed 3.08 points, or 0.2% over the session earlier at 1,522.5. More than one billion shares worth over VND32.9 trillion were transacted on the southern bourse, up nearly 19% in volume and over 15% in value against the previous session. Shares traded in put-through deals contributed around VND2.3 trillion to the total value.

The VN30-Index dipped 0.82%, or losing 12.86 points from the previous session to stay at 1,546.01, with 10 winners and 19 losers.

Bank stocks, which were expected to bounce back and surpass property stocks to lead the local market to set new highs, have yet to attract cash flow.

VCB was the biggest winner among bank stocks in the morning, but then encountered strong sell-off in the afternoon, closing down 1.27% to VND78,000. Only two lenders EIB and STB rose slightly, CTG moved sideways, while the rest retreated. ACB, SHB, and MSB each contracted over 2%. HDB, TPB, OCB, and VPB lost over 1%.

Securities stocks were previously considered as the main beneficiaries of market liquidity rising sharply in the fourth quarter of last year. However, they failed to recover.

Steel stocks suffered a similar fate as they could not return to their good old days. The group only bounced back slightly for some sessions but quickly reversed course to fall sharply then.

Meanwhile, although real estate stocks had gained much heat with many stocks surging by up to sixfold, they still maintained growth. Many of them encountered profit taking but quickly got back on track to establish new highs thanks to strong cash flow.

Specifically, DRH, QCG, FLC, and ROS were among the property stocks that hit upper limits. ROS saw 46.5 million shares changing hands, and FLC reported a matching volume of 40.9 million shares.

By contrast, VIC and VHM, two big names in the real estate sector, edged down 1% and 1.3%, respectively. VIC, VHM, along with consumer good producer MSN and lender VCB were the four main drags of the main index.

On the northern bourse, the HNX-Index gained 6.26 points, or 1.32% against the previous session to close at 480.36, with 11 advancers and 130 decliners. Turnover on this bourse improved over 37% in volume and 41% in value versus Tuesday at over 137 million shares and over VND4 trillion.

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