VN-Index corrects after three-session gaining streak

By Hung Le   December 30, 2020 | 02:30 am PT
VN-Index corrects after three-session gaining streak
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 0.18 percent to 1,097.54 points Wednesday, with non-blue chips a drag on the market.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session with 212 stocks losing and 228 gaining.

Total trading volume eased slightly over the previous session, to VND13.5 trillion ($584.57 million), of which nearly 60 percent flowed into stocks outside the VN30 basket of the market’s 30 largest capped stocks.

The benchmark index had continued its gaining spurt the previous session, having shot up to 1,108 points by noon, but selling pressure in the afternoon session brought it down into the red.

According to brokerage Rong Viet Securities Corporation (VDSC), although there are signs of investors cashing out on short-term gains, the market is still seeing abundant liquidity and seems likely to continue its short-term upward direction.

Foreign investors are continuing to dump Vietnamese stocks as domestic ones gather them up. In addition, some stocks which have seen strong growth in the past few months are reaching their short-term peaks, and investors are advised to offload them before their prices dip, VDSC added.

Doing better than the general market, the VN30-Index edged up 0.07 percent, with 15 stocks and the other 15 losing.

Private banks were the best performers this session, with EIB of Eximbank closing up 6.9 percent, its ceiling price. STB of Sacombank added 0.6 percent, TCB of Techcombank 0.5 percent, VPB of VPBank 0.3 percent, while only HDB of HDBank fell 0.2 percent.

Meanwhile, real estate and construction saw mixed results. ROS of FLC Faros climbed 2.9 percent, KDH of Khang Dien House 0.5 percent, TCH of Hoang Huy Group 0.2 percent, while VHM of Vinhomes and NVL of Novaland were down 0.1 percent and 1.6 percent respectively.

State-owned banks leaned more towards the red. Only CTG of VietinBank added 0.6 percent, while VCB of Vietcombank fell 1.3 percent, BID of BIDV 0.6 percent, and MBB of mid-sized Military Bank 0.2 percent.

In oil and gas, POW of electricity generator PetroVietnam Power dropped by 0.4 percent, GAS of energy giant PetroVietnam Gas shed 0.2 percent, and PLX of gasoline distributor Petrolimex gained 0.4 percent. VJC of budget carrier Vietjet Air, a ticker related to the performance of this sector, was also down 0.9 percent.

The other best gainers this session included PNJ of jewelry retailer Phu Nhuan Jewelry, up 2.4 percent, VIC of private conglomerate Vingroup, up 1.9 percent, and REE of appliances maker Refrigeration Electrical Engineering, with 1.3 percent.

The worst performers included HPG of steelmaker Hoa Phat Group, down 1.7 percent, VRE of mall operator Vincom Retail, down 0.9 percent, and FPT of IT services giant FPT, with 0.9 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid-and small-caps, and the UPCoM-Index for the Unlisted Companies Market both broke their gaining sprees to fall 0.08 percent and 0.57 percent respectively.

Foreign investors continued to be net sellers this session to the tune of nearly VND270 billion on all three bourses, with selling pressure primarily on HPG of Hoa Phat Group and MBB of Military Bank.

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