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Tuesday, June 25, 2024

Profit-taking pressure behind VN-Index decline

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HCMC – Strong profit-taking pressure on many bluechips dragged the VN-Index of the Hochiminh Stock Exchange down 0.83%, or 8.82 points, at 1,055.27 today, December 15.

Market breadth turned negative as losing stocks outnumbered advancing ones by 226 to 181. Over 675.1 million shares worth VND13.6 trillion changed hands, up 16% in volume and 7% in value from the session earlier. Block deals contributed VND1.3 trillion to the total value.

In the VN30 basket, as many as 24 stocks lost ground, with gas firm GAS, property stock VIC, lender VCB and dairy firm VNM losing 2%-2.5%, putting pressure on the main index, while property stock NVL, brokerage firm SSI and retailer VRE bucked the downward trend.

Steelmaker HPG led the group by liquidity with some 20 million shares traded, but closed down 1.7%. Other actively traded stocks were lenders STB, TCB and MBB.

Many small-cap stocks were the outstanding cash magnets, with TDC, which is active in the building material sector, steel company TLH and construction firm BCE going up to the ceiling prices.

Property firm HAG, construction firm ITA, property developer FLC and real estate firm DLG also gained steam. HAG was the most actively traded stock on the southern bourse with a matching volume of over 30 million shares.

The Hanoi Stock Exchange had positive movements as the HNX-Index added 2.12 points, or 1.28%, against the day earlier, at 167.87. Trade volume soared by 52% from the session earlier to over 115.7 million shares, while the value amounted to VND1.4 trillion, up 39%.

Many small stocks such as construction firm HUT, service firm KLF and investment group VIG hit their upper limits, while some large caps, including industrial development firm IDC and service company THD, were among good performers.

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