A bank teller processing transactions with a customer at Vietinbank's office. The lenders' shares tumble 1 per cent on Wednesday, leading the market's downtrend. Photo Vietnamplus
Indices finished lower on Wednesday, weighed by rising selling pressure in the afternoon session with many ticker symbols closing at bottoms of the day.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index fell 7.2 points, or 0.55 per cent, to 1,304.71 points.
The index nearly reached 1,320 points due to enthusiastic capital inflow in the morning trade but suddenly reversed in the final minutes of the session, dropping below the 1,305-point mark.
Previously, analysts expected that the VN-Index would encounter significant volatility after maintaining stability above the psychological threshold of 1,300 points for seven consecutive sessions.
This adjustment was considered essential for the market to establish a new price range and liquidity foundation before continuing its medium-term upward trajectory.
The market's breadth entered the negative territory, with the number of decliners surpassed that of gainer by 249 to 69. Liquidity decreased by 4.3 per cent from the previous session to VNĐ22.2 trillion (US$871.2 million).
The VN30-Index, which tracks the 30 biggest stocks in term of market cap, also ticked lower at 1,363.91 points, down 4.06 points, or 0.3 per cent. Nineteen ticker symbols in the VN30 basket declined, while seven increased and four ended flat.
Nearly 30 stocks closed down over 1 per cent, with liquidity exceeding VNĐ100 billion each, highlighting increased profit-taking pressure.
Leading the downtrend was Vietinbank (CTG). Shares of the lender dropped 1 per cent, erasing over 0.5 points of the VN-Index.
It was followed by Việt Nam Rubber Group (GVR), Hòa Phát Group (HPG), Vinamilk (VNM, PV Gas (GAS) and Techcombank (TCB). These stocks were down in a range of 0.7-1.26 per cent.
Many small-cap stocks showed a severe lack of demand, resulting in significant declines. Tradico (TCD) and LDG Investment (LDG) hit floor prices, while others like Yên Bái Industry Mineral (YBM) and Casumina (CSM) fell over 4 per cent.
This downward trend, especially among previously strong performers, reflects a shift in capital away from speculative stocks as investors take profits and seek safer opportunities.
The HNX-Index on the Hà Nội Stock Exchange (HNX) also closed lower at 235.41 points, down 1.94 points, or 0.82 per cent.
Meanwhile, foreign investors net sold a total of VNĐ349.4 billion on the two main exchanges. Of which, they net sold over VNĐ351.6 billion on HoSE. — BIZHUB/VNS
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