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Wednesday, July 24, 2024

VN-Index falls as selling pressure weighs on stock market

The Saigon Times

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HCMC – The VN-Index of the Hochiminh Stock Exchange fell slightly today, September 24 as the local stock market was under strong selling pressure.

The benchmark index lost 1.59 points, or 0.12%, to close at 1,351.17, with losing stocks far outnumbering winning ones by 291 to 110.

There were more than 673 million shares worth some VND18.33 trillion changing hands on the southern market, dropping 32.5% in volume and 21.3% in value against the previous session. Some 45.5 million shares worth over VND1.6 trillion were traded in block deals.

The VN30 basket was mixed with 13 gaining stocks and 13 decliners. Property enterprise VIC, steelmaker HPG and dairy producer VNM reversed course to end lower, while brewery firm SAB, insurer BVH and low-cost carrier VJC rose over 1%.

Bank stocks were the best-performing stocks today. MSB and MBB were the biggest gainers, soaring 3.4% and 2.87%, respectively, while ACB, VIB, ACB and OCB added over 1%.

Bank stocks were also the most actively traded stocks on the southern market. MBB took the lead  in terms of liquidity with more than 29 million shares changing hands, followed by MSB with 14.5 million shares and STB with 13.85 million shares.

In contrast, most real estate stocks lost ground, such as VIC, VRE, PDR, KBC, DIG and DXG.

Small and medium stocks also performed poorly. Many of them such as SJF, TDH, DAH, TTB, VPH, TDG, TGG, TDH, VKC, BII and APG fell to the floor prices.

On the Hanoi Stock Exchange, the HNX-Index lost 0.39%, or 1.39 points, to close at 359.63, with declining stocks outnumbering gainers by 142 to 61. There were 135.35 million shares worth more than VND2.5 trillion transacted.

In the HNX30 basket, 19 stocks lost ground while only seven rose. Most gainers in the basket, including SHB, THD, VCS, NRC, HUT and DHT, rose less than 1%.

Construction companies VMC and VC3 suffered the steepest drop, down 4.9% and 3.8%, respectively.

Many other large-cap stocks such as SLS, CAP, CEO, DTD, IDC and PHP lost 2% or more.

Lender SHB led the northern bourse in terms of liquidity with nearly 20.3 million shares changing hands, followed by petroleum stock PVS with over 8.71 million shares.

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