Indices end week on a negative note
Shares inched lower on September 16 as rising selling pressure in the afternoon session weighed on the market’s sentiment.
Inside a warehouse of Hoa Phat Group. The steel producer's shares plunged more than 2.5%, leading the market's bearish trend. (Photo: hoaphat.com.vn)On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index dropped 11.63 points, or 0.93%, to 1,234.03 points.
The market’s breadth was still negative as 269 stocks declined, while 74 stocks increased. Liquidity, however, rose sharply over the previous session. Matching value on the southern market was up 48.8% to 14.5 trillion VND (614.4 billion USD).
The 30 biggest stocks tracker VN30-Index posted a fall of 10.04 points, or 0.8%, to 1,252.78 points.
Of the VN30 basket, only seven stocks advanced, while 22 dipped and one stayed flat.
The HNX-Index on the Hanoi Stock Exchange (HNX) also ended the week lower, down 6.81 points, or 2.43%, to 272.88 points.
During the trading day, over 1.6 trillion VND worth of stocks were traded on the northern bourse, equivalent to a trading value of nearly 81.7 million VND.
The market was in the red due to a stronger sell-off.
According to statistics from a financial website, Hoa Phat Group (HPG) led the downtrend with a decrease of 2.6%.
Many attractive large-cap stocks from banking and manufacturing, real estate, IT and retail were also under selling pressure. Vietnam Rubber Group (GVR), Vietinbank (CTG), Vietcombank (VCB), Mobile World Investment Corporation (MWG), Vinhomes (VHM), Vingroup (VIC), Masan Group (MSN) and FPT Corporation (FPT) all fell at 0.9% on the last trading day.
An analyst from the Saigon-Hanoi Securities JSC (SHS) said that the market benchmark VN-Index continues to accumulate above the nearest support zone of around 1,240 points. The positive point is that the demand is still increasing in the industry groups, including industrial zones, construction, electricity and water.
Meanwhile, foreign investors were net sellers on both main exchanges. Accordingly, they sold a total of 508.72 billion VND on both bourses, including 422.61 billion VND on HoSE and 86.11 billion on HNX./.
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