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Selling pressure sends down stock market

The Saigon Times

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HCMC – Local stock prices declined in the first session of the week due to strong selling pressure at the close today, September 13.

The benchmark VN-Index closed at 1,341.43 points, losing 3.88 points or 0.29% against the previous session, with 196 stocks rising and 224 others falling. Market turnover on the HCMC market improved over 29% in volume and over 19% in value at more than 775 million shares transacted and over VND23 trillion, including some VND1.4 trillion worth of shares traded in block deals.

The performance of the VN-30 basket was the main factor behind the benchmark index’s fall, with 21 stocks in the basket being decliners. Rubber group GVR saw a sharp decrease of 4.1% to its intraday low, insurer BVH dropped 2.5%, and many other bluechips lost over 1%.

As for the eight winners in the basket, brewery firm SAB stole the limelight as it soared 6.7%. Also, backed by the strong cash flow, mobile phone retailer MWG gained 5.1% to reach its upper limit. The remaining winners rose around 1%.

Among small and medium stocks, many reversed course and followed the market downward trend, such as KBC, ITA, FLC, POW.

Heavyweights in the banking, securities, and steel sectors continued to extend losses toward the end of the session. Lenders VCB, BID, CTG, MBB, and ACB lost over 1% each, and only two of their fellows—VPB, TPB—made gains.

Steel stocks also tumbled, with HPG shedding 1.4% and HSG contracting 2.4%. Brokerages such as SSI, HCM, and VCI closed in negative territory, in addition to many others.

Real estate stocks also lost steam as VHM, VRE, NVL, PDR, KBC declined. Of them, KBC plunged 5.8% to its intraday low but remained the most actively traded stock on the southern bourse with over 28 million shares changing hands.

Similar to the southern bourse, stocks on the northern bourse retreated under the selling pressure. With 98 advancers and 89 decliners, the HNX-Index of the Hanoi market shed 0.99 points, or 0.28% versus last Friday at 349.05.

Stocks in the HNX30 also contributed to the HNX-Index’s loss, especially lender NVB that fell as much as 9.5%. Many other big losers were DTD, MBS, NRC, and SLS.

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