Shares reverse to fall after early gains

12:18 | 25/02/2021
Shares reversed after early gains in the morning session on Wednesday, with the market struggling for most of the trading time.
shares reverse to fall after early gains
A worker of PetroVietnam Gas JSC (GAS) checks technical issues. Shares of GAS lost 1.5 per cent on Wednesday. - Photo courtesy of GAS

The benchmark VN-Index on the Ho Chi Minh Stock Exchange lost 1.33 per cent to close at 1,162.01 points.

The index had gained 0.22 per cent to end Tuesday's session at 1,177.64 points.

Nearly 603 million shares were traded on the southern bourse, worth VND15 trillion (US$652.2 million).

Market breadth was negative with 93 gainers and 357 losers.

“The VN-Index mainly struggled around the reference level Wednesday. Foreign investors were net sellers on both HSX and HNX,” said BIDV Securities Co.

“Market breadth turned to equilibrium with liquidity not much different from the previous session.

“According to our assessment, the VN-Index is likely to continue fluctuating with a narrow range in the next session,” it said.

Foreign investors net sold VND700.07 billion on HOSE, including dairy firm Vinamilk (VNM) (VND106.4 billion), Vietinbank (CTG) (VND77.3 billion) and Hoa Phat Group (HPG) (VND69.4 billion). They were net sellers on the HNX with a value of VND5.92 billion.

Among the losers were Hoang Huy Investment Financial Services JSC (TCH) with a drop of more than 3 per cent, Vinhomes (VHM), Sacombank (STB), Bank for Investment and Development (BID) and Vincom Retail (VRE) were losers with more than 2 per cent decrease.

Banking stocks also had a negative session as the majority of stocks saw a decline. Vietcombank (VCB), HDBank (HDB), Techcombank (TCB), Sai Gon-Ha Noi Bank (SHB), Asia Commercial Bank (ACB), Military Bank (MBB) and Nam A Bank (NAB) all lost more than 1 per cent.

In sync with the general market, oil and gas stocks also dropped strongly. PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling & Well Services Corporation (PVD), Binh Son Refining and Petrochemical Company Limited (BSR) and PetroViet Nam Coating JSC (PVB) all dropped more than 3 per cent, PV Oil (OIL) lost by over 2 per cent, PVPower (POW) and PetroVietnam Gas JSC (GAS) both fell by more than 1 per cent.

The large-cap tracker VN30-Index declined 1.29 per cent to stay at 1,167.18 points.

Twenty-six of the 30 large-cap stocks in the VN30 basket decreased while only four made gains.

On the Ha Noi Stock Exchange, the HNX-Index dropped 0.38 per cent to end Wednesday at 237.89 points.

The northern market index had risen 0.34 per cent to end Tuesday at 238.78 points.

More than 156.9 million shares were traded on the northern market, worth VND2.5 trillion.

VNS

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