Thu, 10th Oct 2024 23:44 (GMT +7)

The market ends four-day winning streak

Tuesday, 24/09/2024 | 08:53:10 [GMT +7] A  A

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) finished the day at 1,268.48 points, down 3.56 points, or 0.28 per cent, ending a four-day winning streak.

At a BIDV transaction office in HCM City. The bank's BID stock led the decliners on a bearish day for the market. — Photo bidv.com.vn

The stock market opened the new week with a fall, ending a four-day winning streak, while liquidity also fell sharply.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) finished the day at 1,268.48 points, down 3.56 points, or 0.28 per cent.

On the southern bourse, market breadth was negative, with 194 stocks declining, 115 advancing and 55 remaining unchanged. Liquidity plummeted to VNĐ12.9 trillion (US$527 million), a 40 per cent drop compared to the previous session.

The VN30-Index, which tracks the top 30 stocks by market capitalisation on the HoSE, also fell by 4.88 points, or 0.37 per cent, to close at 1,321.12 points. In the VN30 basket, 17 stocks fell, 11 rose and two remained unchanged.

Leading the market’s downturn were large-cap stocks in the financial and manufacturing sectors, with the Bank for Investment and Development of Vietnam (BID) posting the steepest decline in market capitalisation, dropping 0.71 per cent, which contributed nearly 0.5 point to the VN-Index's overall decrease.

This was followed by FPT Corporation (FPT), which declined by 0.96 per cent and Southeast Asia Commercial Joint Stock Bank (SSB), which fell by 3.63 per cent.

However, losses were mitigated by gains in some key stocks, led by the Bank for Foreign Trade of Vietnam (VCB), which rose by 0.33 per cent, contributing over 0.4 points to the VN-Index.

Experts from Viet Dragon Securities noted that liquidity has dropped sharply, reflecting limited support from cash flow. However, despite the market's decline, supply pressures remain subdued. They anticipate that the market will continue to undergo a supply-demand testing phase in the coming sessions. Maintaining levels above 1,260 points is seen as a key factor in supporting a potential recovery.

Investors are advised to closely monitor supply-demand dynamics at this support level and focus on stocks with stable performance that have recently attracted cash flow. However, the experts recommend considering profit-taking during any recovery phase or adjusting portfolios to mitigate risks.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also dropped by 0.39 per cent to close at 233.38 points.

During the session, shares worth more than VNĐ852 billion were traded, with a total trading volume of nearly 44 million shares on the northern bourse.

Foreign investors resumed their net buying trend, with purchases amounting to over VNĐ213 billion on the HoSE.

Source: Vietnam News