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Sunday, June 23, 2024

Selling pressure behind stock market’s loss

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HCMC – Increased selling pressure dragged the local stock market down, with the VN-Index of the Hochiminh Stock Exchange shedding points in the last session of the week.

With 145 stocks rising and 239 others falling, the benchmark index lost 4.31 points, or 0.5% against the previous session to close at 850.74. Meanwhile, turnover on the southern bourse improved with volume and value soaring 18.86% and 16% respectively at 304.71 million shares and VND5.1 trillion.

Many largecaps saw dull trading such as property developer VIC reversing course and ending lower. Some others extended their losses by 1.1-1.8% including three lenders VCB, BID, CTG, consumer goods producer MSN, and steelmaker HPG. Of them, HPG was the most actively traded stock of the HCMC market with matching volume exceeding 15 million shares.

Besides, three heavyweights of the southern market—brewery SAB, housing developer VHM, and dairy firm VNM—recorded modest growth. VHM and VNM rose less than 0.5% while SAB inched up some 1%.

While most bluechips traded in negative territory, lender HDB maintained its winning streak for the 10th straight session. It gained 1.1% to VND27,400 with matching volume of 1.99 million shares. Recently, the board of HDB (HDBank) passed a plan raising its charter capital from VND9.8 trillion to VND12.7 trillion and issuing nearly 290 million shares.

Among speculative stocks, industrial zone developer ITA and realty trading firm HQC reported positive liquidity, with each seeing over 10.8 million shares changing hands. However, both of them were losers during this session.

The selling pressure also left the HNX-Index on the northern bourse sliding 0.64 point, or 0.54% over the session earlier at 116.23, with 72 advancers and 90 decliners. Notably, construction firm VCG staged an impressive performance while most of the stocks in the HNX30 basket ended in the red.

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