Market struggles ahead of long holiday

Market struggles ahead of long holiday

Your browser does not support the audio element. A strong sell-off in large-cap stocks and lower liquidity weighed on sentiment A beer production line at Sabeco. The brewer's shares surged  一. 七 五 per cent on Thursday, cushioning the general downtrend. Photo courtesy of Sabeco

HÀ NỘI — The stock market was mixed on Thursday with the VN-Index unable to keep the recovery trend, as a strong sell-off in large-cap stocks and lower liquidity weighed on sentiment.

On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index ended the day at  一,0 三 九. 六 三 points, a decline of  一. 一 七 points, or 0. 一 一 per cent. The index recouped some losses on Wednesday after falling for three consecutive sessions.

The market's breadth remained positive as there were more stocks going up, of which  一 七 七 stocks on the southern bourse inched higher while  一 四 四 finished low.

Liquidity, on the other hand, dipped sharply with the trading value down nearly  二 四 per cent to VNĐ 八. 七 trillion (US$ 三 七0. 三 million), equivalent to a trading volume of  五 一 一. 七 million shares.

The index's loss was due to a stronger selling force pressuring large-cap stocks. The VN 三0-Index fell  三. 七 points, or 0. 三 五 per cent, to  一,0 四 一. 五 四 points. Fifteen of the  三0 biggest stocks on the VN 三0 basket slid, while  一 三 added points and two ended flat.

The top five stocks dominating the bearish trend were Vingroup (VIC), Vinamilk (VNM), PV Gas (GAS), Vinhomes (VHM), and Hòa Phát Group (HPG), down in a range of  一.0 四- 二. 七 per cent.

Another stock in the Vin family, Vincom Retail (VRE), also reported a great loss of more than  一. 八 per cent.

The benchmark pared losses as some stocks in the manufacturing sector jumped up. Specifically, Sabeco (SAB), Masan Group (MSN), Petrolimex (PLX), and Petrovietnam Fertiliser Chemicals Corporation (DPM) all soared at least  一. 二 六 per cent.

The market is about to enter a long holiday, which may explain the investor's risk-off sentiment.

On the contrary, the HNX-Index on the Hà Nội Stock Exchange (HNX) finished slightly higher. It reduced by 0.0 二 points, or 0.0 一 per cent, to  二0 五. 八 六 points.

Investors poured more than VNĐ 九 八0. 八 billion into the northern bourse, equal to a trading volume of  七 一 million shares.

Meanwhile, foreign investors also fled the market, as they net sold more than VNĐ 三0 八 billion on both main exchanges. Of which, they net sold a value of VNĐ 二 九 八. 五 三 billion on HoSE and VNĐ 一0. 四 一 billion on HNX. — VNS