Illustrative image (Source: VNA)
Hanoi (VNA) - The local stock market saw a narrow range of corrections on February 23 on the two exchanges, as investors increased sales on fears of a steeper fall.

The benchmark VN-Index on the HCM Stock Exchange sank for the first time in the past four days, down 0.1 percent to close at 716.9 points.

The southern market index gained 1.3 percent in the past three days and has climbed 7.8 percent this year.

On the Hanoi Stock Exchange, the HNX-Index decreased for a second day, down 0.4 percent to end at 86.3 points. It edged down 0.3 percent on the previous day.

“The market is performed negatively today, with rising selling pressure at low-price range,” Tran Duc Anh, a stock analyst at Bao Viet Securities Co wrote in a report on February 23.

The market breadth was pessimistic, with 258 stocks declining, 192 rising and 244 remaining unchanged on the two exchanges.

Growth of large-cap stocks--like Sabeco (SAB), PV Gas (GAS), lender BIDV (BID), FPT Corp (FPT)--cushioned the market fall.

“After a long rally, the market will experience short-term corrections to relieve sales pressure and to help valuations rise again,” Anh said.

Property stocks were mixed. Some maintained rises, including FLC Group (FLC), up 6.4 percent; Dat Xanh Real Estate Service & Construction (DXG), up 1.2 percent; and Tu Liem Urban Development (NTL), up 1.5 percent.

However, some stocks fell, including Novaland Investment (NVL), VinGroup (VIC) and Kinh Bac City Development (KBC).

Investments are pouring into garment stocks and lifting prices.

Thanh Cong Textile Garment Investment Trading (TCM) hit the daily limit of 7 percent on the HCM City’s bourse while TNG Investment and Trading (TNG) and Phu Thinh-Nha Be Garment (NPS) climbed 3.1 percent and 4.4 percent, respectively.

According to many securities companies, investments are channeling to different stocks to seek new opportunities.

Liquidity remained high, with a total of 272.4 million shares worth a combined 4.2 trillion VND (184.2 million USD) traded in the two markets.

Foreign investors continued to offload local shares on the HCM Stock Exchange, extending net sales value to 45 billion VND in the past two days. They remained net buyers in Hanoi’s market for a small value of nearly 3 billion VND.-VNA