VN-Index ends eight-session gaining streak

By Hung Le   October 21, 2020 | 01:58 am PT
VN-Index ends eight-session gaining streak
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The VN-Index slipped 0.57 percent to 939.03 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, was predominantly red, with 240 stocks losing and 166 gaining. Total trading volume fell slightly over the previous session, to VND8.4 trillion ($362.41 million).

According to analysts, short-term profit taking pressure from investors was the main reason the VN-Index was unable to gain any further after climbing 25.58 points, or 2.7 percent, in the past eight sessions.

The VN30-Index for the market’s 30 biggest capped stocks shed 0.37 percent, with 16 stocks losing and 10 gaining. The basket accounted for 57 percent of trading volume this session.

Topping losses was CTG of VietinBank, one of Vietnam’s three largest state-owned lenders by assets, down 3.3 percent. In the same category, VCB of Vietcombank was down 1.7 percent, while BID of BIDV gained 0.8 percent.

MBB of mid-sized state lender Military Bank also lost 0.8 percent.

Results were mixed in the private banking sector. EIB of Eximbank was down 1.4 percent, TCB of Techcombank fell 0.6 percent, HDB of HDBank kept its opening price, while STB of Sacombank and VPB of VPBank were some of the best performers with gains of 1.4 percent and 1.2 percent respectively.

Other major losing stocks included SSI of top brokerage Saigon Securities Inc., down 2.7 percent, SBT of agricultural firm TTC-Sugar with 2.1 percent, HPG of steelmaker Hoa Phat Group, 0.9 percent, and MWG of electronics retailer Mobile World, also down 0.9 percent.

Oil and gas stocks were all in the red this session. POW of electricity generator PetroVietnam Power slipped 0.5 percent, while GAS of energy giant PetroVietnam Gas and PLX of petroleum distributor Petrolimex both fell 0.4 percent.

In the opposite direction, VRE of mall operator Vincom Retail led gains with 1.6 percent. VHM of its sister corporation and real estate developer Vinhomes also rose 0.3 percent, while VIC of their parent, Vietnam’s largest private conglomerate Vingroup, shed 0.5 percent.

The other gainers included REE of appliances maker Refrigerated Electrical Engineering, up 0.5 percent, NVL of real estate developer Novaland, up 0.5 percent, and VNM of dairy giant Vinamilk, up 0.3 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, was down 0.25 percent, while the UPCoM-Index for the Unlisted Companies Market edged up 0.06 percent.

Foreign investors continued to be net sellers this session to the tune of VND330 billion on all three bourses. The most net sold stocks were VRE of Vincom Retail and MSN of food conglomerate Masan Group, which kept its opening price.

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