Blue chips drag VN-Index to losing session

By Hung Le   October 27, 2020 | 04:36 am PT
Blue chips drag VN-Index to losing session
An investor looks at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index shed 0.46 percent to 946.47 points Tuesday, with private banking and real estate blue chips some of the poorest performers.

In its second consecutive losing session, the Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 319 tickers lose and 102 gain. Trading volume rose marginally over the previous session to VND8.73 trillion ($376.27 million), remaining far above last months’ average of VND6.6 trillion.

The benchmark VN-Index had fluctuated in and out of the red for most of the trading session, but sell orders in the final hour of trading, especially on SBT of private banking blue chip Sacombank, dragged the index below its opening of 950.8 points.

Analysts said the recent losses were due to profit-taking pressure from investors after over two weeks of straight gains, which saw the VN-Index recover 42.42 points, or 4.62 percent.

With the market having entered into its latest recovery phase since the beginning of September, investors will naturally be inclined to cash in on gains when many stocks on the HoSE have gained between 20- 30 percent in the last six weeks, brokerage MB Securities said in its latest report.

And as the latest two sessions have been the clearest corrections since early September, the VN-Index could likely go on to test the 937 to 946-point psychological support levels, the report added.

The VN30-Index for the stock market’s 30 largest caps was down 0.45 percent this session, with 16 stocks losing and 7 gaining. The basket accounted for 65 percent of the session’s total trading volume.

Topping losses was STB of Sacombank, down 5.7 percent, followed by SBT of agricultural firm TTC-Sugar, with 3.7 percent and MBB of state-owned mid-sized lender Military Bank, with 2.7 percent.

The next biggest losers were VRE of mall operator Vincom Retail, down 2.7 percent, SSI of brokerage Saigon Securities Inc., 2.3 percent, and TCH of real estate developer Hoang Huy Group, 2.2 percent.

Most real estate and construction stocks were in the red this session, with ROS of FLC Faros shedding 1.3 percent, KDH of Khang Dien House, 1.2 percent, and VHM of Vinhomes, 1.1 percent. NVL of Novaland was the only exception edging up 0.2 percent.

Results were mixed for Vietnam’s three biggest state-owned lenders by assets. BID of BIDV lost 0.7 percent and VCB of Vietcombank kept its opening price, while CTG of VietinBank was one of the VN30’s bigger gainers with 0.8 percent.

HPG of steelmaker Hoa Phat Group led gains with 1.9 percent, followed by VIC of private conglomerate Vingroup, up 0.6 percent, and PNJ of jewelry retailer Phu Nhuan Jewelry, also up 0.6 percent.

Meanwhile, the HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, tumbled 1.37 percent, while the UPCoM-Index for the Unlisted Companies Market shed 0.27 percent.

Foreign investors continued to be net sellers this session to the tune of VND172 billion on all three bourses. The most net sold stocks were MSN of food conglomerate Masan Group, which kept its opening price, and VIC of Vingroup.


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