VN-Index ends three-session gaining streak

The index had risen 10 points in the first 30 minutes of trading but selling pressure gradually dragged it down in the afternoon session.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session, with 186 gainers and 175 losers. Losses in the market’s large caps were the main factor that pushed the index into negative territory.

Total trading volume recovered after three sessions of below-average liquidity to VND4.7 trillion ($200.49 million) this session, making Monday one of the busiest trading days so far in April.

The VN30-Index for the market’s largest caps fell 0.74 percent, with 24 losing tickers and only four gaining. All but one ticker in the banking sector lost this session, with losses concentrated in the group of state-owned banking stocks.

Leading losses this session was VCB of Vietcombank, one of Vietnam’s three largest capped state-owned lenders, down 3 percent. The other two banks, BID of BIDV, and CTG of VietinBank, fell 2.5 percent and 1.8 percent respectively.

MBB of state-owned Military Bank, a mid-sized lender, also fell 2.2 percent, while EIB of Eximbank, STB of Sacombank, and HDB of HDBank, which are all private, lost 1.3 percent, 1.2 percent and 0.5 percent respectively.  

Other major losing stocks this session included PLX of petroleum distributor Petrolimex, down 2.8 percent, SBT of agricultural firm TTC-Sugar, down 2.5 percent and PNJ of Phu Nhuan Jewelry, down 2.5 percent.

VIC of Vingroup, Vietnam’s biggest private conglomerate and HoSE’s largest market cap, fell 1.1 percent, while its subsidiaries, VRE of mall operator Vincom Retail and VHM of real estate developer Vinhomes shed 2.1 percent and 0.8 percent respectively.

SAB of major brewer Sabeco and VNM of dairy giant Vinamilk both closed at its opening price this session. SAB in particular, had been one of the best performers on the VN30 in the past month, gaining in 15 out of its last 20 sessions.

Two tickers in the construction sector led gains this session. CTD of construction giant Coteccons surged 5.6 percent, while ROS of real estate developer FLC Faros added 4.6 percent.

The other two gainers were POW of electricity generator PetroVietnam Power, up 3.7 percent, and VPB of private VPBank, up 2.4 percent.

Outside the VN30, many oil and gas stocks fell this session, most of which had reported falling business performance as a result of the Covid-19 pandemic gutting oil demand. OIL of PetroVietnam Oil Corporation, which trades in oil, fell 3.75 percent, BSR of Binh Son oil refinery fell 2.4 percent, and PVD of PetroVietnam Drilling & Well Services Corporation shed 3.94 percent.

Meanwhile, the HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, also dropped 0.63 percent, but the UPCoM-Index for stocks on the Unlisted Public Companies Market added 0.6 percent.

Foreign investors were net sellers for the 19th consecutive session on all three bourses for a total of VND470 billion ($20.05 million), with selling pressure mostly on VCB of Vietcombank and VPB of VPBank.