Insurance codes suffer as investors offload shares
Shares on both bourses on July 21 declined after
blue chips, especially insurance shares, floundered under strong selling
pressure from investors.
Shares on both bourses on July 21 declined after
blue chips, especially insurance shares, floundered under strong selling
pressure from investors.
Market liquidity continued to slip with a combined 142 million shares traded on the two exchanges, worth 2.29 trillion VND (106 million USD), marking a 17 percent loss for the day.
The HCM Stock Exchange's VN Index declined by 0.63 percent to finish at 616.61 points, officially breaking the benchmark of 620 points.
The VN30 Index, which tracks the 30 largest codes by market cap and liquidity, fell just 0.43 percent to 641.45 points with 11 codes advancing and 13 declining.
Gainers, including Hoa Phat Group Joint Stock Company (HPG) with a 2.95 percent growth and HCM City Infrastructure Investment Joint Stock Company (CII) with a growth of 1.17 percent, only helped to prevent the market from further losses.
Gas shares showed some promise after their slide halted with only Petrovietnam Gas Corporation (GAS) losing 1,000 VND or 1.66 percent in market value.
Insurance shares were the biggest players, hitting floor values and pulling the market down. Bao Viet Holdings (BVH), BIDV Insurance Corporation (BIC) and Bao Minh Insurance Corporation (BMI) were sold off in large volume and decreased at least 6.56 percent in value.
The fall of insurance shares also dragged other key sectors down. HCM City Securities Corporation (HCM) dropped 2,300 VND or 6.02 percent, Ma San Group (MSN) recorded a loss of 4,000 VND or 4.25 percent in market value.
Hoang Anh Gia Lai International Agriculture Joint Stock Company (HNG), which debuted on July 21, opened at 33,500 VND per share but dropped to 33,000 VND per share by the end of the session. Its market cap of 23.72 trillion VND (1.08 billion USD) ranks it as the 10th largest code in the southern market.
Ocean Group Joint Stock Company (OGC) was the most active code with more than 6.35 million shares exchanged and dropped 3.7 percent in market value.
On the Hanoi Stock Exchange, the HNX Index lost another 1.18 percent to close at 84.92 points with 103 decliners and 79 gainers.
The northern index rose early on in the session on bank and securities shares, but selling pressure forced leading shares into decline by the end of the session.
Among the most active shares on the northern bourse, only Kim Vi Inox Import Export Production Joint Stock Company (KVC) recorded a high growth at 7.04 percent to 30,400 VND per share.
Saigon-Hanoi Bank (SHB) remained flat and was the most active code with 4.8 million shares traded. Asia Commercial Bank (ACB) lost 2.75 percent to 21,200 VND per share and traded only 674,566 shares.
Other key sectors, securities, gas and other blue chips, including Saigon Thuong Tin Real Estate Joint Stock Company (SCR) and FIT Investment JSC (FIT), fell in value.
Foreign investors from both bourses significantly raised their combined net purchasing total value to 105.5 billion VND (4.88 million USD). However, foreign purchases were not enough to drive the market up.-VNA
Market liquidity continued to slip with a combined 142 million shares traded on the two exchanges, worth 2.29 trillion VND (106 million USD), marking a 17 percent loss for the day.
The HCM Stock Exchange's VN Index declined by 0.63 percent to finish at 616.61 points, officially breaking the benchmark of 620 points.
The VN30 Index, which tracks the 30 largest codes by market cap and liquidity, fell just 0.43 percent to 641.45 points with 11 codes advancing and 13 declining.
Gainers, including Hoa Phat Group Joint Stock Company (HPG) with a 2.95 percent growth and HCM City Infrastructure Investment Joint Stock Company (CII) with a growth of 1.17 percent, only helped to prevent the market from further losses.
Gas shares showed some promise after their slide halted with only Petrovietnam Gas Corporation (GAS) losing 1,000 VND or 1.66 percent in market value.
Insurance shares were the biggest players, hitting floor values and pulling the market down. Bao Viet Holdings (BVH), BIDV Insurance Corporation (BIC) and Bao Minh Insurance Corporation (BMI) were sold off in large volume and decreased at least 6.56 percent in value.
The fall of insurance shares also dragged other key sectors down. HCM City Securities Corporation (HCM) dropped 2,300 VND or 6.02 percent, Ma San Group (MSN) recorded a loss of 4,000 VND or 4.25 percent in market value.
Hoang Anh Gia Lai International Agriculture Joint Stock Company (HNG), which debuted on July 21, opened at 33,500 VND per share but dropped to 33,000 VND per share by the end of the session. Its market cap of 23.72 trillion VND (1.08 billion USD) ranks it as the 10th largest code in the southern market.
Ocean Group Joint Stock Company (OGC) was the most active code with more than 6.35 million shares exchanged and dropped 3.7 percent in market value.
On the Hanoi Stock Exchange, the HNX Index lost another 1.18 percent to close at 84.92 points with 103 decliners and 79 gainers.
The northern index rose early on in the session on bank and securities shares, but selling pressure forced leading shares into decline by the end of the session.
Among the most active shares on the northern bourse, only Kim Vi Inox Import Export Production Joint Stock Company (KVC) recorded a high growth at 7.04 percent to 30,400 VND per share.
Saigon-Hanoi Bank (SHB) remained flat and was the most active code with 4.8 million shares traded. Asia Commercial Bank (ACB) lost 2.75 percent to 21,200 VND per share and traded only 674,566 shares.
Other key sectors, securities, gas and other blue chips, including Saigon Thuong Tin Real Estate Joint Stock Company (SCR) and FIT Investment JSC (FIT), fell in value.
Foreign investors from both bourses significantly raised their combined net purchasing total value to 105.5 billion VND (4.88 million USD). However, foreign purchases were not enough to drive the market up.-VNA
You should also see
Vietnam attends international security meeting in Russia
A Vietnamese delegation led by Minister of Public Security General To Lam is attending the 12th International Meeting of High Representatives for Security Issues in Russia’s St. Petersburg city from April 23-25.
See more
Business
Labels on foods exported to Singapore must be accurate: Trade counselor
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.
Business
April 25 gold bullion auction cancelled
The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
Business
High airfares create chance for short-distance trips for Reunification Day holiday
Due to a hike of air ticket prices for domestic flights, Vietnamese tourists are turning to short-distance trips for the upcoming National Reunification Day (April 30) and May Day (May 1) holidays.
Business
Phu Yen, Ninh Thuan attractive to energy project developers
The south-central coastal provinces of Phu Yen and Ninh Thuan have become attractive destinations for investors operating in the energy industry thanks to great potential for renewable energy development.
Business
Petrovietnam posts 9-billion-USD revenue in Q1
The Vietnam National Oil and Gas Group (Petrovietnam) saw total estimated revenue of 231 trillion VND (9 billion USD) from production and business activities in the first quarter of 2024, exceeding the set quarterly plan by 33% and up 19% year-on-year, head a conference held by the group recently.
