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VN-Index loses steam over selling pressure

The Saigon Times

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HCMC – The poor performance of many large-cap stocks, coupled with strong selling pressure, dragged the VN-Index of the Hochiminh Stock Exchange down 5.3 points at the close today, November 1.

Market breadth turned negative as 249 stocks declined while 216 others advanced. The main index fell 0.37%, over the session earlier, at 1,438.97 points.

Trade volume totaled over one billion shares worth VND33.7 trillion, up 15.3% in volume and 16.7% in value against the previous session. Block deals contributed VND1.8 trillion to the total value.

In the VN30 basket, the number of losers tripled that of winners. Real estate stock KDH reported the sharpest drop at 3.9%, while consumer goods producer MSN, bank stock TPB, jewelry firm PNJ and petroleum firm GAS lost 2.5%-3.6% each.

Among the gainers in the basket, electricity firm POW improved 3.6% and reported a matching volume of over 32.9 million shares.

Other stocks that weighed heavily on the main index included bank stocks TPB, VCB, VPB and VIB and steel stocks HPG, HSG and NKG.

Many small and medium stocks bucked the downtrend to finish up, with real estate stock HQC hitting its upper limit, seeing over 34 million shares change hands.

Industrial zone developer ITA and real estate firms HBC and LDG closed the day at their ceiling prices.

On the Hanoi Stock Exchange, the HNX-Index continued its upward trend and closed up 3.42 points, or 0.83%, against the session earlier, at 415.54.

Securities firm SHS ended the day up 4.9% and took the lead by liquidity on the northern bourse with 12.1 million shares changing hands. Construction firms L14 and VC3 were among major supporters of the northern market.

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