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Large-caps pressured as increased profit-taking drives share decline
Vietnam News - 3/19/2024 5:11:17 PM
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 Tuesday's trading session saw shares extending their decline, with large-cap stocks heavily impacted in the last minutes due to heightened profit-taking activities.
On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index dropped 0.09 per cent, to 1,242.46 points.
The market's breadth was neutral with 216 gainers and 242 losers.
During the session, nearly 915 million shares were traded on the southern bourse, worth over VNĐ21.6 trillion (US$973 million).
The benchmark's downtrend was due to losses of many large-cap stocks.
The VN30-Index, which tracks the 30 biggest stocks on HoSE, fell 0.08 per cent, to 1,234.74 points.
Of the VN30 basket, 16 stocks slid, while nine inched higher and five ended flat.
In the VN-30 basket, the worst performers included SSI Securities Co (SSI), dropping 1.4 per cent, Vincom Retail (VRE), declining 2.9 per cent, FPT Corporation (FPT), losing 09 per cent and PVPower (POW), declining 0.4 per cent.
The banking-financial stocks also performed poorly, with losers being Vietinbank (CTG), Vietcombank (VCB), Military Bank (MBB), VPBank (VPB), Asia Commercial Bank (ACB), Bank for Investment and Development of Vietnam (BID) and SSI Securities Inc (SSI).
The market rose unsuccessfully and reversed quickly with a deep decline. Liquidity increased sharply, showing that investors were in a state of "panic" and pushed supply to increase, said Việt Dragon Securities Co.
With support maintained at the end of the trading session, it is expected that the market will recover to retest the supply at the 1,250-1,260 point range before receiving more specific signals.
Supply signals in this exploration area will have a great influence on the next developments of the market. Therefore, investors need to observe supply and demand developments to evaluate the market state.
Currently, "investors should prioritise stocks that are showing good signals from the support zone to hold, but they should consider taking profits on stocks that are moving cautiously in the resistance zone," it said.
On the Hà Nội Stock Exchange (HNX), meanwhile, the HNX-Index lost 0.22 per cent to end at 236.16 points.
During the trading session, investors poured nearly VNĐ1.6 trillion into the bourse, equivalent to a trading volume of more than 82.6 million shares. — VNS
Read original article here
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