VN Index down on the back of blue chips
Vietnam’s benchmark VN Index remained fragile on August 21, losing its positive momentum as investors remained cautious over the current market downtrend.
nvestors observe stocks move at MayBank Kim Eng Securities Company in HCM City (Photo: VNA)Hanoi (VNS/VNA) - Vietnam’s benchmark VN Index remained
fragile on August 21, losing its positive momentum as investors remained
cautious over the current market downtrend.
The benchmark index on the Ho Chi Minh Stock Exchange closed almost flat at 768.79 points. It finished last trading week at 768.97 points.
Nearly 169.7 million shares were traded on the southern bourse, worth 3.34 trillion VND (148.7 million USD).
August 21’s trading volume was 13.5 percent lower than that of August 18 while trading value increased slightly.
Large-cap stocks were to blame for pulling the main exchange down on August 21 as half of the 30 largest companies by market capitalisation declined, causing the VN30 Index to fall nearly 0.1 percent.
Decliners included freshly-listing VPBank (VPB), steel producer Hoa Phat Group (HPG), insurance-finance group Bao Viet Holdings (BVH) and property developer Novaland (NVL).
Shares of brokerage firms were also negative. An Phat Securities Co (APG) was the only rising securities stock, which gained 0.3 percent while others saw their values decrease, including BIDV Securities (BSI), HCM City Securities (HCM) and Vietinbank Securities (CTS).
Foreign investors remaining net sellers also worsened market sentiment, posting a net sell value of 58.6 billion VND, an increase of nearly 300 percent from August 18.
According to securities firms, investor confidence has remained low over recent weeks as the stock market had performed weaker than it had in the first seven months of the year.
Sai Gon-Hanoi Securities Co (SHS) wrote in its daily report that the VN Index recorded its sixth up-and-down session on August 21 with declining trading liquidity.
“That shows a large number of investors were standing by and observing the market with caution because the market is becoming weaker than it was in the previous seven months.”
While the VN Index has failed to surpass the level of 770 points, it has also remained below its upward trend line that was established in April and signals negative trading sessions ahead, Bao Viet Securities (BVSC) said in its note.
The market conditions were negative as trading liquidity remained comparatively lower than the average of the previous 21 trading days while declining stocks outnumbered gaining ones, proving that investor sentiment was weak in general, BVSC said.
Therefore, BVSC said the main market trend in the next few sessions would be negative while SHS said the VN Index would move narrowly between 762 points and 778 points.
On the Hanoi Stock Exchange, the HNX Index added 0.30 percent to end at 101.13 points with nearly 46 million shares being exchanged, worth 594 billion VND.-VNA
The benchmark index on the Ho Chi Minh Stock Exchange closed almost flat at 768.79 points. It finished last trading week at 768.97 points.
Nearly 169.7 million shares were traded on the southern bourse, worth 3.34 trillion VND (148.7 million USD).
August 21’s trading volume was 13.5 percent lower than that of August 18 while trading value increased slightly.
Large-cap stocks were to blame for pulling the main exchange down on August 21 as half of the 30 largest companies by market capitalisation declined, causing the VN30 Index to fall nearly 0.1 percent.
Decliners included freshly-listing VPBank (VPB), steel producer Hoa Phat Group (HPG), insurance-finance group Bao Viet Holdings (BVH) and property developer Novaland (NVL).
Shares of brokerage firms were also negative. An Phat Securities Co (APG) was the only rising securities stock, which gained 0.3 percent while others saw their values decrease, including BIDV Securities (BSI), HCM City Securities (HCM) and Vietinbank Securities (CTS).
Foreign investors remaining net sellers also worsened market sentiment, posting a net sell value of 58.6 billion VND, an increase of nearly 300 percent from August 18.
According to securities firms, investor confidence has remained low over recent weeks as the stock market had performed weaker than it had in the first seven months of the year.
Sai Gon-Hanoi Securities Co (SHS) wrote in its daily report that the VN Index recorded its sixth up-and-down session on August 21 with declining trading liquidity.
“That shows a large number of investors were standing by and observing the market with caution because the market is becoming weaker than it was in the previous seven months.”
While the VN Index has failed to surpass the level of 770 points, it has also remained below its upward trend line that was established in April and signals negative trading sessions ahead, Bao Viet Securities (BVSC) said in its note.
The market conditions were negative as trading liquidity remained comparatively lower than the average of the previous 21 trading days while declining stocks outnumbered gaining ones, proving that investor sentiment was weak in general, BVSC said.
Therefore, BVSC said the main market trend in the next few sessions would be negative while SHS said the VN Index would move narrowly between 762 points and 778 points.
On the Hanoi Stock Exchange, the HNX Index added 0.30 percent to end at 101.13 points with nearly 46 million shares being exchanged, worth 594 billion VND.-VNA
You should also see
Cuban leaders appreciate Vietnam’s support, call for more investment
Deputy Prime Minister Tran Luu Quang had a meeting with First Secretary of the Communist Party of Cuba Central Committee and President of Cuba Miguel Diaz-Canel in Havana on April 15.
See more
Business
US dollar continues gaining against Vietnamese dong, hitting exchange ceiling
The US dollar has continued to strengthen against the Vietnamese dong (VND) as the exchange rate hit the ceiling limit across commercial banks on April 16 morning.
Business
Tra Vinh exports organic coconut flower nectar to Australia
The Tra Vinh Farm Co., Ltd (Sokfarm) in the Mekong Delta province of Tra Vinh has successfully exported its first shipment of organic coconut flower nectar products to Australia - the fifth main importer of the locality’s product.
Business
Real estate market thrives, entities ready to re-enter market
The real estate market has witnessed positive developments, with a slew of projects, including billion-dollar projects, being announced and called for investment in the first quarter of 2024.
Business
Garment & textile sector tries to keep growth momentum
The Vietnamese garment and textile sector is carrying out various measures to bolster production and business activities amidst formidable challenges posed by falling demand, high inventory, and geopolitical instability in several countries, according to insiders.
Business
Central bank to resume gold bar bidding after 11 years
The State Bank of Vietnam (SBV) will resume gold bar bidding after 11 years, aiming to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices, thus ensuring the gold market operates in a safe and stable, healthy, open, transparent and effective manner in accordance with the Prime Minister's direction.
