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Market remains subdued as liquidity continues to decline
vietnamnews - 8/15/2024 9:10:00 AM
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Stocks showed a mixed performance on Wednesday, bringing an end to the VN-Index's three-day rally, while trading volume continued to decline for the fourth consecutive session.
 
 
The Vinhomes Imperia urban area in Hai Phong. Shares of Vinhomes JSC (VHM) led the gainers on Wednesday. — VNA/VNS Photo
 
Shares were mixed on Wednesday, ending the VN-Index's three-day winning streak. Meanwhile, liquidity continued its downward trend for the fourth consecutive session.
 
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) finished the day at 1,230.36 points, down 0.06 point, marking the end of a three-day rally.
 
On the southern bourse, market breadth was negative as 188 stocks declined while 126 advanced. Liquidity remained low at VNĐ13 trillion (US$516.44 million), down 0.5 per cent from the previous session, marking the fourth consecutive decline.
 
However, the VN30-Index, which tracks the 30 largest stocks by market capitalisation on the HoSE, rose by 1.66 points, or 0.13 per cent, to 1,270.38 points. The number of gainers outnumbered decliners in the VN30 basket by 17 to 13.
 
Large-cap stocks in the banking sector led the market's downturn, with the Bank for Foreign Trade of Vietnam (VCB) posting the biggest decline in market capitalisation, down 1.68 per cent, dragging the VN-Index down by more than two points. Notably, this bank stock was the top gainer in the market during the previous session.
 
It was followed by Vietnam Prosperity Joint Stock Commercial Bank (VPB), the Military Commercial Joint Stock Bank (MBB), and the Vietnam Commercial Joint Stock Export Import Bank (EIB). All these stocks dipped between 0.83-1.6 per cent.
 
The index managed to limit losses due to some bottom-fishing activity. Vinhomes JSC (VHM) was the biggest gainer with an increase of 2.34 per cent, contributing more than 0.92 point to the VN-Index.
 
According to experts from Viet Dragon Securities, the market showed a subdued performance on Wednesday, with lower liquidity compared to the previous session, indicating that supply remains temporarily low and is not exerting significant pressure on the market. However, overall, the supportive cash flow remains cautious. With the current low demand, the risk of a decline from the resistance level of 1,235 points is present. Therefore, investors should exercise caution in the face of market instability and avoid chasing rising prices.
 
The Ha Noi Stock Exchange (HNX) index also ended lower on Wednesday afternoon, down 0.22 per cent to 229.68 points.
 
During the session, more than VNĐ902 billion worth of shares were traded, equivalent to a trading volume of nearly 43 million shares on the northern bourse.
 
Foreign investors extended their net buying streak to four consecutive sessions, with net purchases totalling VNĐ685 billion on HoSE on Wednesday. — VNS
 
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