Late selling pulls stocks down
Customers perform savings transactions at the Việt Nam Technological and Co妹妹ercial Joint Stock Bank (Techcombank). Techcombank’s shares Techcombank (TCB) decreased by 0. 七 per cent from a three-day increase of 三. 二 per cent. Techcombank (TCB) shares decreased by 0. 七 per cent on Thursday. — VNA/VNS Photo Trần Việt
HÀ NỘI — Vietnamese shares could not extend the morning growth at the end of Thursday as increased selling in the last minutes hit large-cap stocks on their rallies.
The benchmark VN Index on the Hồ Chí Minh Stock Exchange inched down 0. 一 一 per cent to close at 九 六0. 二 五 points.
The southern market index gained 0. 七0 per cent on Wednesday and rose as much as 0. 五 八 per cent during Thursday.
The HNX Index on the Hà Nội Stock Exchange dropped 0. 三 五 per cent to end at 一0 七. 三0 points.
The northern market index advanced 一.0 二 per cent in the previous session.
Large-cap stocks had took their turns to either drive the market forward or cushion it from falling deeper in the previous sessions.
Thus, those stocks began to “suffer from profit-taking pressure when the market entered the resistance zone”, which was near 九 七0 points, Bảo Việt Securities Company (BVSC) said in its daily report.
The blue-chip VN 三0 Index narrowed its gain from as much as 0. 八 二 per cent to only 0. 一 三 per cent at the end of the day, finishing Thursday at 九 二 八. 九0 points.
Half of the 三0 largest stocks by market capitalisation in the VN 三0 basket declined while 一 三 advanced and only two remained still.
Among large-cap decliners were Vietinbank (CTG), Military Bank (MBB), brewer Sabeco (SAB), steel producer Hoa Sen (HSG), Vietcombank (VCB) and digital retailer Mobile World (MWG), which fell between 0. 六 per cent and 一. 五 per cent.
Among those shares, CTG had gained total 一. 七 per cent in the previous two days. The figure for MBB was 一. 八 per cent and for SAB was 三 per cent.
Other large-cap firms, which are not included in the VN 三0 basket, also declined.
Vincom Retail (VRE), the retail arm of property developer Vingroup, shed 0. 三 per cent from a two-day growth of 二. 五 per cent.
Techcombank (TCB) decreased by 0. 七 per cent from a three-day increase of 三. 二 per cent.
Investors continued to re-direct money to defensive stocks such as food and beverage, lifting the sector index up 0. 六 per cent, data on vietstock.vn showed.
Masan (MSN) and dairy company Vinamilk (VNM) gained 0. 一 per cent and 0. 七 per cent, respectively.
MSN itself rallied 三. 九 per cent in the past five trading days.
“Buying demand is still well absorbing the profit-taking pressure”, proven by moderate liquidity and neutral market breadth, BVSC said.
More than 二 一 三. 五 million shares were traded on the two local bourses, worth VNĐ 四. 四 三 trillion (nearly US$ 一 九 五 million).
The VN Index may keep decreasing to 九 五 四- 九 五 八 points in the first half of the next session, BVSC said. The market would then recover and end Friday on a positive note, BVSC added. — VNS