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Monday, June 24, 2024

Small, medium stocks keep market from sharp fall

The Saigon Times

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HCMC – Dozens of bluechips took nosedive today, November 11, dragging down the benchmark VN-Index of the HCMC market, but trading overall remained upbeat as cash flow was strongly channeled into small and medium stocks, especially real estate developers.

With 229 stocks expanding and 238 others declining, the main index shed 2.67 points, or 0.18% over the session earlier at 1,462.35. More than 1.2 billion shares worth over VND38 trillion were traded on the southern bourse, surging over 31% in volume and 28% in value against the previous session. Shares traded in put-through transactions contributed over VND2.2 trillion to the total value.

In the group of bluechips, 22 stocks in the VN30 basket closed in negative territory and thus were the main drag of the main index. Steelmaker HPG lost 2.4%, and housing developer VHM contracted 1.3%. Also, lenders STB and TPB each dropped over 2%, insurer BVH dipped 2%, in addition to other poor performers such as brokerage SSI, gas firm GAS, lender ACB, and electricity firm POW.

Meanwhile, rubber group GVR and lender VCB ended on an upbeat note and helped the main index narrow losses. Aside from them, fuel distributor PLX and mobile phone retailer MWG supported the index as they gained over 2% each. Further, property developers KDH and PDR inched up 3.1% and 3%, respectively.

Regarding small and medium stocks, a host of tickers in the real estate and construction fields such as HHS, TTA, TNI, OGC, CTI, HU3, CII, DIG, and NLG soared to their upper limits at the close. Other popular stocks with high liquidity such as CRE, KBC, HDC, LGL, and VPH also rose by 4-6.3%.

Some stocks related to the fields of production materials and agriculture—NAV, DAG, APC, and IDI—made strong gains. Stocks in the transport and seaport sectors such as SFI and VNS reached their ceiling prices, while STG surged 6.6% and HVT added 3.8%. Many steel stocks closed with losses, with HSG, TLH, NKG dipping 2.2-3.4%.

On the northern bourse, the HNX-Index gained 0.49 points, or 0.11% versus yesterday at 438.73. Property firm NDN staged an impressive performance as it reported its highest matching volume as of now with over 13.2 million shares traded and soared 8.9%. Other small stocks such as DST, PVL, MAC, TVD, TC6, and SPI closed at their ceiling prices.

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