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Selling pressure behind stock market’s loss

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HCMC – The increased selling pressure dragged the local stock market down, with the VN-Index of the Hochiminh Stock Exchange falling 9.32 points, or 0.07%, at 1,323.58 points today, June 10.

There were 162 stocks rising and 236 falling stocks. The southern bourse saw matching volume dipping 12% at over 723.48 million shares and value dropping 2% at nearly VND25.4 trillion. Block deals contributed nearly VND2.1 billion to the total value.

In the VN30 basket, steel maker HPG, dairy firm VNM and sugar maker SBT reported positive growth. Specifically, VNM posed the largest rise in the basket of 3.5% at VND92,200. SBT rose 3.3% at VND21,700 and HPG added 2.6% at VND51,600.

Meanwhile, lender VPB returned to its reference price of VND71,800. It also led the bourse in terms of liquidity with more than 76.5 million shares matched.

Meanwhile, bank stock BID, retailer VRE and real estate developer NVL weighed on the market as they fell 3.4%, 2.8% and 2.5%, respectively.

Petroleum stock PVD came under strong selling pressure to tumble to its floor price of VND22,200 and saw 18.6 million shares traded. The stock declined after Singapore-based KrisEnergy Limited, which owed PVD VND107.3 billion, had filed for bankruptcy.

Meanwhile, property stocks split as DXG inched down 2.1% at VND23,600, ITA dropped 3% at VND7,400 and KBC lost 3.4% at VND33,800, while SCR surged to its ceiling price of VND11,400. Further, HQC expanded 3.2% at VND3,890 and HAH picked up 3.9% at VND29,200.

On the Hanoi Stock Exchange, the HNX-Index dipped 5.56 points, or 1.75%, at 311.32 points. There were more than 142.3 million shares valued at some VND3.5 trillion transacted.

Insurer PVI was a bright spot on the northern bourse as it soared 9.8% to its ceiling price of VND39,100 after its large stakeholder HDI Global Se had registered to sell over 13.84 million PVI shares.

However, many large-cap stocks extended their losses. For example, lender SHB plummeted 5.8% at VND29,500; petroleum stock PVS slumped 5.3% at VND26,900; and construction firm S99 fell 5.1% at VND20,500.

SHB remained the best performer in terms of liquidity with more than 18.3 million shares changing hands, followed by securities stock VND with over 18.1 million shares and PVS with 15.7 million shares.

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