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Wednesday, June 19, 2024

Profit-taking pressure ends VN-Index’s winning streak

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HCMC – The strong profit-taking pressure on many stocks, especially those having reported a surge in previous sessions, dragged the VN-Index of the Hochiminh Stock Exchange down today, June 7, ending its six consecutive winning sessions.

With 157 winning stocks and 265 losing ones, the benchmark index closed the day down 15.27 points, or 1.11%, to 1,358.78 points.

There were 876.69 million shares worth more than VND28.9 trillion changing hands, falling 6.76% in volume and 7.13% in value compared with the last session. Some 36.57 million shares worth nearly VND1.4 trillion were traded in block deals.

Many bank stocks ended in the red, such as LPB losing 6% at VND31,400 and MSB falling 4.9% at VND28,900.

Meanwhile, VPB bounced back 0.4% to its intra-day high at VND72,000. It also led the southern bourse in terms of liquidity with nearly 45.65 million shares traded.

Securities stocks continued to tumble and many of them closed at their reference prices, such as AGR, APS, CTS and BVS. Steel stocks also plunged into the red.

On the contrary, real estate stocks were bright spots of the market. Besides large-cap and blue-chip stocks, such as VHM, VIC, VRE and PDR, which supported the market, the transactions of many medium- and small-cap stocks were positive as well.

Specifically, industrial zone developer ITA added 3.5% at VND7,710 and saw 22.53 million shares traded, and real estate developer SCR soared 6.5% to its ceiling price of VND10,450 with more than 22 million shares matched.

On the Hanoi Stock Exchange, the strong selling pressure also weighed on large-cap stocks.

Closing the day, the HNX-Index lost 11.13 points, or 3.38%, at 318.63 points. Over 224 million shares worth nearly VND5.5 trillion were transacted on the bourse.

Bank and securities stocks remained the main burden of the market. For example, lenders SHB plummeted 7.7% to its lowest level of the day, at VND30,000, while BAB slid 6.6% at VND28,300.

SHB was the most actively traded stock on the northern bourse with more than 36 million shares matched.

In addition, securities stocks SHS and VND tumbled 9.2% and 5.6% at VND37,500 and VND57,000, respectively.

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