VN-Index edges down after five straight gaining sessions

By Hung Le   September 4, 2020 | 01:02 am PT
VN-Index edges down after five straight gaining sessions
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 went down 0.27 percent to 901.54 points Friday after five consecutive gaining sessions, with most blue chips slipping marginally.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 267 tickers lose and 146 gain. Total trading volume fell 13 percent over the previous session to VND6.73 trillion ($291.35 million).

Analysts said the index was seeing some corrective pressure after five consecutive gaining sessions in which it climbed 30.5 points, or 3.5 percent, to reach a six-month peak of 903.97 points Thursday.

The VN30-Index for the market’s 30 biggest caps slid 0.37 percent, with 21 tickers losing and 119 gaining. However, the margin of losses for stocks in the red was relatively small this session, with most falling 1 percent or less.

Topping losses this session was GAS of energy giant PetroVietnam Gas, down 1.6 percent. In the same sector, POW of electricity generator PetroVietnam Power and PLX of petroleum distributor Petrolimex shed 1 percent each.

Of Vietnam’s three biggest state-owned lenders by assets, VCB of Vietcombank fell 1.5 percent and BID of BIDV edged down 0.2 percent, while CTG of VietinBank added 0.2 percent. MBB of state-owned mid-sized Military Bank slipped 0.8 percent.

Private banks were some of the worst performers this session, with VPB of VPBank falling 1.1 percent, STB of Sacombank 0.9 percent, EIB of Eximbank 0.9 percent, TCB of Techcombank 0.7 percent, and HDB of HDBank 0.3 percent.

Other major losing stocks included PNJ of jewelry retailer Phu Nhuan Jewelry, down 1.3 percent, ROS of construction firm FLC Faros, 0.9 percent, and SAB of major brewer Sabeco, 0.8 percent.

VIC of private conglomerate Vingroup, HoSE’s biggest cap, shed 0.5 percent, while stocks of its subsidiaries, VRE of mall operator Vincom Retail and VHM of real estate developer Vinhomes rose 1.4 percent and 1 percent respectively.

TCH of truck dealer Hoang Huy Group topped gains with 2.1 percent, followed by MSN of food conglomerate Masan Group, up 1.6 percent, and SSI of top brokerage Saigon Securities Inc., 1 percent.

Meanwhile, the HNX-Index for the Hanoi Stock Exchange, home to mid- and small-capped stocks, added 0.08 percent, and the UPCoM-Index for the Unlisted Public Companies Market shed 0.12 percent.

Foreign investors turned net sellers to the tune of VND22 billion on all three bourses, with selling pressure mostly on BCM of construction firm Becamex, which hit its ceiling price with a 6.9 percent increase, followed by VHM of Vinhomes, and VCB of Vietcombank.

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