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Shares drop on selling pressure
VietnamPlus - 2/2/2018 10:26:02 AM
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Vietnamese shares declined on January 1 as the market reversed quickly at the end of the trading session and especially during the ATC session, dragged down by blue chips in the banking and energy sectors.
The benchmark VN-Index on the HCM Stock Exchange started the day by increasing almost 15 points, but ended up in negative territory, edging down by nearly 10.7 points or 0.96 percent to close at 1,099.67 points.
It had inched down 0.02 percent to close at 1,110.36 points on the previous day.
The minor HNX Index on the Hanoi Stock Exchange dropped 2.18 percent to end at 123.15 points.
The northern market index dropped 1.15 percent to end at 125.90 points on Wednesday.
The UPCOM Index on the Unlisted Public Company Market (UPCoM) lost 0.45 percent to finish at 59.19 points, retreating from a fall of 0.91 percent in the previous session.
More than 403.4 million shares were traded on the three local exchanges, worth 9.34 trillion VND (415 million USD).
Declining stocks outnumbered the gaining ones by 432 to 234, while 140 other stocks ended flat.
Large-cap stocks underperformed, as 20 of the 30 largest stocks by market capitalisation in the VN30 Index suffered, pulling the large-cap index down 0.82 percent to 1,086.90 points.
Among the worst decliners in the VN30 basket included Bao Viet Holdings (BVH), down 4.3 percent; Hoa Phat Group Joint Stock Company (HPG), dipping 2.1 percent; Vietnam Dairy Products Joint Stock Company (VNM), declining 0.2 percent; as well as Saigon Beer-Alcohol-Beverage Corporation (SAB), decreasing 0.8 percent.
Banking and energy stocks also underperformed.
Booming stocks in the banking sector, such as the Bank for Investment and Development of Vietnam (BID), Vietnam Prosperity Joint Stock Commercial Bank (VPB) and Military Commercial Joint Stock Bank (MBB), were down 1.5 percent, 2.1 percent and 3.8 percent, respectively.
The energy sector was driven down by PetroVietnam Gas Joint Stock Corporation (GAS), PetroVietnam Technical Services Corporation (PVS) and PetroVietnam Drilling Mud Joint Stock Corporation (PVD), down 1.9, 8.3 and 6.9 percent, respectively.
Many large-cap stocks in the Unlisted Public Company Market (UPCoM) suffered strong selling pressure, including Airports Corporation of Vietnam (ACV), down 5.5 percent, Vietnam Airlines JSC (HVN), losing 10.3 percent, Lien Viet Post Joint Stock Commercial Bank (LBP), dropping 4.2 percent and Masan Resources Corporation (MSR), decreasing 10 percent.
According to BIDV Securities JSC (BSC), the market may continue to fluctuate strongly as lower prices will lure investors.
“Investors should limit their participation in short-term trading during this time when the risk is being pushed up to high levels,” BSC said in its daily report.-VNA
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