Tuesday, November 5, 2024 5:45:52 AM - Markets closed
VN-INDEX 1,244.71 -10.18/-0.81%
HNX-INDEX 224.45 -0.96/-0.43%
UPCOM-INDEX 91.61 -0.35/-0.38%
Vietnam stock market opens the week with a downturn as foreign investors continue net selling
vietnamnews - 11/4/2024 4:46:00 PM
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On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index closed the session at 1,244.71 points, down 10.18 points, or 0.81 per cent.

The Vietcombank tower in HCM City. Vietcombank’s VCB shares led the decliners on the first Monday of November. — Photo courtesy of Vietcombank

The stock market extended its decline from last Friday's session, with the VN-Index recording its second consecutive day of sharp losses, as foreign investors continued their net selling streak for an eighth consecutive session.
 
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index closed the session at 1,244.71 points, down 10.18 points or 0.81 per cent.
 
Market breadth on the southern bourse was negative, with 231 stocks declining, 84 advancing and 49 remaining unchanged. Liquidity saw a slight increase, reaching VNĐ15.8 trillion (US$623 million), marking a 7.4 per cent rise from the previous session.
 
The VN30-Index, which tracks the top 30 stocks by market capitalisation on the HoSE, also fell by 12.98 points, or 0.98 per cent, to close at 1,312.64 points. Within the VN30 basket, 23 stocks declined, five advanced and two remained unchanged.
 
The market’s downturn was primarily driven by large-cap stocks in the banking sector, with the Bank for Foreign Trade of Vietnam (VCB) seeing the sharpest drop, falling by 1.07 per cent and contributing nearly 1.4 points to the VN-Index's overall decrease.
 
This was followed by losses from Vietnam Prosperity Joint Stock Commercial Bank (VPB), down 2.23 per cent and Vietnam Rubber Group - Joint Stock Company (GVR), which fell by 2.32 per cent.
 
However, market losses were slightly offset by gains in certain key stocks, led by Refrigeration Electrical Engineering Corporation (REE), which rose by 3.23 per cent, contributing more than 0.23 points to the VN-Index.
 
Experts from Việt Dragon Securities said: “Liquidity increased slightly compared to the previous session but remains relatively low overall, reflecting cautious sentiment as selling pressure approaches resistance levels. The mild decline below 1,255 points suggests that support in this area has weakened significantly.
 
"It is likely that the market will continue to retreat in the next trading session to test the 200-day moving average (MA), around 1,250 points. If support at this level remains weak, there is a risk of the market falling back to the 1,240-point support zone.
 
“Investors should monitor supply-demand dynamics at support levels to reassess the market's condition. Caution is advised while waiting for signals of improved cash flow and maintaining a balanced portfolio allocation is recommended to mitigate risks.”
 
On the Hanoi Stock Exchange (HNX), the HNX-Index also closed lower on Monday, dropping by 0.43 per cent to 224.45 points.
 
During the session, shares worth nearly VNĐ797 billion were traded, with a total volume of over 47 million shares on the northern market.
 
Foreign investors extended their net selling streak, with net sales amounting to over VNĐ673 billion on the HoSE. — VNS
 
Read original article here
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04/11 Opportunities and challenges in a transitional phase
01/11 Eyeing the stock market post the US presidential election
30/10 Market continues moving upward as foreign investors record strong net sales
29/10 HOSE delists Sao Thai Dương (SJF) shares from 1 November
29/10 Market begins the week on a positive note
28/10 Caution prevails in market amid rising selling pressure
28/10 Securities clearing regulation amendment proposed
25/10 Market in sharp decline as investors resume strong net selling
24/10 Poor performances cast shadow over securities firm prospects
22/10 Government mulls restrictions for individual investors of private corporate bonds
 
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