Shares end lower on banking and securities stocks

Wed, 29 Nov 2023 15:55:00  |  Print  |  Email   Share:

Market breadth was negative with 165 gainers and 351 losers, while 85 shares ended flat.

A branch of SSI Securities Inc (SSI). SSI lost 3.1 per cent yesterday. Photo SSI

HÀ NỘI — The Vietnamese stock market experienced a decline on Monday, with banking and securities stocks exerting downward pressure on the overall performance.

On the Hồ Chí Minh Stock Exchange, the VN-Index declined 0.69 per cent to end at 1,088.06 points.

Market breadth was negative with 165 gainers and 351 losers, while 85 shares ended flat.

Liquidity stayed low with more than 595 million shares traded on the southern bourse, worth VNĐ11.8 trillion (US$486.6 million).

The VN30-Index, tracking the 30 biggest stocks on HoSE, lost 0.82 per cent to end at 1,078.42 points. Out of 30 stocks in the VN30 basket, five posted gains while 23 decreased.

Banking stocks suffered from selling pressure, with losers including Sacombank (STB), Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Vietnam International Commercial JS Bank (VIB) and Saigon-Hanoi Commercial JS Bank (SHB), and HDBank (HDB), Bank for Investment and Development of Việt Nam (BID), Techcombank (TCB), Military Bank (MBB), Sacombank (STB) and VPBank (VPB).

In the large-cap group, losers included Masan Group (MSN), Vinamilk (VNM), Vietjet (VJC), PetroVietnam Gas JSC (GAS) and FPT Corporation (FPT).

Securities stocks decreased towards the end of the session. VN-Index's loss was significantly broadened as securities stocks declined strongly, such as SSI Securities Inc (SSI), VNDirect Securities Corporation (VND), Saigon-Hanoi Securities JSC (SHS), Việt Capital Incorporation (VCI), Agribank Securities Corporation (AGR) and APG Securities Joint Stock Company (APG).

"Liquidity decreased from the previous session, but was still quite high, indicating that there was a struggle between supply and demand. Cash flow attempted to support the lower price range during the session, but in general, the current rally may only be technical in nature as it reacts to the 1,080 support area after a rapid decline," said Việt Dragon Securities Co.

"The market is expected to move cautiously and the recent strong bearish signal may still have a negative impact on the market in the near future."

"Therefore, investors should not temporarily chase stocks that have risen in price and should be cautious about potential risks. Currently, it is still necessary to consider profit taking and portfolio structure to minimise risks."

On the Hà Nội Stock Exchange, the HNX-Index decreased 0.98 per cent to end at 223.89 points.

Liquidity was lower than the previous session with 55.2 million shares worth nearly VNĐ1 trillion being traded on the northern market. 

By: Business Forum Magazine



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