Shares narrow gains on fears of foreign massive selloff

12:33 | 07/04/2020
Shares trimmed hefty gains on Tuesday morning as investors feared continued selling from foreign investors.
shares narrow gains on fears of foreign massive selloff
Despite the strong rally on Monday, foreign investors continued to be net sellers on the three stock exchanges of HoSE, HNX and UPCoM with the total net selling value of nearly VND697 billion. - Photo cafef.vn

The benchmark VN-Index on the Ho Chi Minh Stock Exchange inched up 0.91 per cent to end the morning at 743.49 points.

The VN-Index jumped 4.98 per cent to end Monday's trading at 736.75 points, its largest one-day percentage gain in 19 years.

More than 200.6 million shares were traded on the southern exchange, worth VND3.2 trillion (US$136.7 million).

On Monday morning, the large-cap tracker VN30-Index gained 0.29 per cent to close at 684.66 points.

In the VN30 basket, 15 of the 30 largest stocks by market capitalisation and trading liquidity made gains while 14 declined. One stayed unchanged.

Despite the strong rally on Monday, foreign investors were net sellers on the three stock exchanges of HoSE, HNX and UPCoM. The total net selling value hit nearly VND697 billion.

On HoSE alone, foreign investors net sold for a fifth consecutive session on Monday with a total value in the five of more than VND1.72 trillion. On Monday, foreign investors net sold nearly VND670 billion, 1.8 times higher than the previous session, equivalent to more than 23 million shares.

This morning, the uptrend could not sustain long as profit-taking pressure occurred in some individual large-caps such as National Petroleum Group (PLX), dropping by 4 per cent to VND38,600 per share, Vingroup (VIC), losing by 2.9 per cent to VND94,500 per share and FPT Corporation (FPT), down by 1.7 per cent.

Banking stocks such as Vietcombank (VCB), Military Bank (MBB) and HDBank (HDB) all fell.

Support came from the 'Vin' family, with Vinhomes (VHM) and Vincom Retail (VRE) increasing by 1.9 per cent and 1.7 per cent, respectively.

Some retail and food stocks also contributed to the gains of indexes such as Mobile World Group (MWG), increasing 4.4 per cent to VND72,500 per share and brewery Sabeco (SAB), up by 2.3 per cent to VND135,000 per share.

The HNX-Index on the Ha Noi Stock Exchange lost 0.79 per cent to close Tuesday morning at 102.45 points.

Nearly 48.2 million shares were traded on the northern bourse, worth VND468 billion.

The afternoon trading starts at 1pm.

VNA

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