VN stocks fall on late selling again

Share this on: Hanoi, Jul 11 2018 - 08:59 AM

Viet Nam’s benchmark VN Index ended on a negative note for the second day in a row as profit-taking pressure rose in the last minutes to limit the growth of large-cap companies.


The VN Index on the HCM Stock Exchange fell 0.44 per cent to close at 911.12 points after having gained as much as 0.74 per cent during the session.

The southern stock index has dropped a total of 0.7 per cent in the last two trading sessions.

Market trading liquidity remained almost unchanged with more than 118.4 million shares being traded, worth VND2.77 trillion (US$123.4 million).

Large-cap stocks underperformed, pulling the blue-chip VN30 Index down 0.09 per cent to 897.96 points with 11 of the 30 largest stocks by market capitalisation in the basket on the downward trend.

According to Viet Dragon Securities Company (VDSC), the massive selling in large-cap stocks during last minutes of the At-the-Close (ATC) period made the VN Index fall short.

Among decliners in the VN30 basket were insurance-finance group Bao Viet Holdings (BVH), steel producer Hoa Sen (HSG), Binh Minh Plastic JSC (BMP), property developer Vingroup (VIC) and Vietcombank (VCB).

Those 11 declining blue chips decreased by between 0.1 per cent and 3 per cent.

Across the stock market, half of the 20 sectors saw share prices decline, including insurance, energy, securities and real estate.

Low trading liquidity was also a negative signal for the overall market, indicating investors remained highly cautious and unwilling to make buy-in decisions at the moment, Bao Viet Securities Company (BVSC) said in its daily report.

Meanwhile, foreign investors remained net sellers on the southern market with a total of VND80.4 billion worth of net sell value.

“The index may encounter some volatility and decline in the next session after a number of stocks approached the next resistance and could suffer strong profit-taking pressure in the last minutes,” BVSC said.

“The VN Index suffered selling pressure in the last minutes again and slipped despite an upward trend during most of the trading session, therefore, the market may experience a correction in the next session.”

The next threshold for the benchmark VN Index could be the range of 895-900 points, it forecast.

Most of the bank stocks stood strong but low liquidity is the biggest concern for now.

On the Ha Noi Stock Exchange, the HNX Index extended growth for a third straight day, increasing by 0.86 per cent to end at 101.62 points.

The northern market index has gained a total of 5.4 per cent after the last three sessions. 



« Go Back

 Our Events

  • Sep 10, 2018

    FiinPro Talk #7 (Hanoi) - Banking & Real Estate Stocks: Closing for 2018 & Outlook

    Banking and Real Estate Stocks have been undoubtedly driving the market given its 40% contribution to the total market cap. These two groups also attracted a large portion of foreign capital flows into Vietnamese stock market, accounting for 47% and 88% of Daily Trading Value and Total Net Foreign Trading Value, respectively from the beginning of 2018 to date.

  • Jul 11, 2018

    FiinPro - User Training Class in Hanoi and Ho Chi Minh city

    FiinPro Platform, empowered by the most comprehensive and insightful financial database for Vietnam, will help you save time and money in acquiring, cleaning up, validating and standardizing data. It also helps to enhance your investment research and trading process with various useful analytics tools and excellent customer support services.

TRY FiinPro Platform FREE FOR 14 DAYS!

Get Free Trial Now