As selling pressure increased at the middle of the morning session, the
local market erased its initial gains and ended on Wednesday’s session under
the 400-point line. The VN-Index lost 3.16 points, or 0.79%, from the day
earlier to close at 398.92.
The market opened a little higher
and initially moved up a few points before falling back sharply and into the
red and hit the daily low of 396.31 points. It clawed back some lost ground
just before the end of the morning session to close just a tad in the red. In
the afternoon, trading saw a resumption of the downtrend before the market
closed several points above the lows.
Strong selling pressure sharply
spurred liquidity on the southern bourse as there were 45.7 million shares
worth VND678 billion changing hands. The put-through market turned active with
large transactions seen in GMD, STB and SVN.
Losers largely outnumbered
gainers by 187 to 73, including 42 stocks hitting the ceiling prices and 25
stocks plunging to the floor prices. Among blue-chips, HSG and SBT made nice
gains in active trading while BVH and PVF fell back sharply.
Tan Tao Investment Industry
Corporation (ITA) continued to take the lead for liquidity but it fell 1.7% to
VND5,800 per share with nearly 2.7 million shares traded, followed by Tay Bac
Minerals Investment Company (KTB), which lost 1.2% from the previous day to
VND7,800 on the volume of 2.2 million shares.
Foreigners were more active and
were also net buyers by a wider margin, making up 17.7% and 9.1% of the
market’s buying and selling value respectively.
The Hanoi market also tumbled
with turnover staying dull at VND294 billion. The HNX-Index slid 0.73 point, or
1.18%, from the day earlier to close at 60.92.
Only 61 stocks advanced while 145
stocks declined, including 21 stocks going up to the ceiling prices and 49
stocks dropping to the floor prices. Foreigners accounted for 4.1% of the
buying value and 1.7% of the selling value.
HCMC Securities Corp. noted that
the markets turned jittery mid morning when news of the arrest of Duong Chi
Dung, former chairman and board member of Vinalines, on an Interpol warrant in
an ASEAN country hit the news wires. The news unsettled the market a little
given that relative calm had returned after recent events.
Viet Capital Securities Co.,
meanwhile, said technical momentum indicators show reversal signs, and volumes
have increased despite the correction.
“Therefore, we expect demand to
return soon to support an uptrend. However, if liquidity turns out low in the
next trading session, it could mean that pessimism remains resilient, and
selling pressure could increase,” it commented.
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