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Tuesday, June 18, 2024

Stocks extend losses amid increased selling pressure

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HCMC – The VN-Index of the HCMC market fell for the sixth straight session on June 30, as a result of selling pressure suddenly skyrocketing in the afternoon.

The benchmark index shed 4.25 points, or 0.21% against the previous session to close at 825.11, with the number of losers nearly doubling that of winners at 273 to 138. The southern bourse saw matching volume dipping 8% at over 358 million shares and value dropping 11% at VND4.9 trillion. Block deals contributed nearly VND899 billion to the total value.

Stocks in the Vingroup family traded in positive territory in most of the session and were major supporters for the main index, with housing developer VHM posting a 4% increase at one time.

However, they started to slow down toward the end of the session amid the strong selling pressure, thus hindering the index’s recovery. Property developer VIC fell to its reference price at VND89,000, retailer VRE tanked 2.4% to VND24,800, while VHM rose 2% only to VND75.500.

Aside from VHM, four other bluechips made headway, including steelmaker HPG, dairy firm VNM, low-cost carrier VJC, and lender HDB.

By contrast, many other stocks in the VN30 basket were poor performers with 1-3% losses, including consumer goods producer MSN, brewery SAB, gas firm GAS, and lenders VCB, BID, CTG, VPB, and MBB.

Steelmaker HPG recorded its matching volume of 14.82 million shares, while construction firm ROS and lender STB each saw some 11 million shares transacted, making them the three most-actively traded stocks in the basket.

Among speculative stocks, trade was gloomy with many losers including HSG, HQC, DLG, AMD, LDG. Meanwhile, TNI, FIT, IDI bucked the market trend, closing with gains.

On the northern bourse, the increased selling pressure also dragged the HNX-Index down by 0.56 point, or 0.51% over the session earlier to 109.76, with 65 advancers and 98 decliners.

Overall, in June, the VN-Index plunged 4.55% and the HNX-Index fell a mild 0.05% month-on-month.

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