Vietnamese stocks fall on correction pressure
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.
Illustrative image (Source: VNA)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
You should also see
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
See more
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pook of both domestic and international investors for socio-economic development.
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
