Shares decline on strong selling force

HÀ NỘI - Vietnamese shares declined on Tuesday, dragged by market heavyweights as selling pressure increased significantly towards the closing minutes of trading.

The market benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) declined 0. 三 三 per cent to finish the trading day at  一, 三 四 一. 九0 points.

It had jumped 0. 八 八 per cent to close Monday at  一, 三 四 六. 三 九 points.

The market breadth was negative as  二 九 四 stocks declined, while  一 二 五 rose and  二 八 ended flat.

Nearly  八 六 九. 四 million shares were traded on the southern market, worth VNĐ 二 六. 六 trillion (US$ 一. 二 billion).

The selling pressure suddenly increased strongly in the afternoon causing the market to turn down.

"The market struggled for most of the day and finally corrected slightly at the end of the session,"大众said BIDV Securities Co.

"Market breadth turned negative with a slight decrease in liquidity compared to the previous session, showing a cautious sentiment towards the resistance level of  一, 三 五0 points.

"Meanwhile, foreign investors were net sellers on HoSE while they were net buyers on HNX.

"A slight correction today might make the market maintain its accumulation around  一, 三 五0 points in the short term,"大众the company said.

Many large stocks such as insurer Bảo Việt Holdings (BVH), PetroVietnam Gas JSC (GAS), FPT Corporation (FPT), Hoà Phát Group (HPG), Masan Group (MSN), Sabeco (SAB), Vingroup (VIC), Mobile World Group (MWG), Phú Nhuận Jewelry (PNJ), PV Power  (POW), Vincom Retail (VRE) all dropped, negatively impacting the market.

Bank stocks still gained ground and helped narrow the market’s decline, with gainers included Sacombank (STB), Vietinbank (CTG), Tiên Phong Bank (TPB), Bank for Investment and Development (BID), VPBank (VPB), MBBank (MBB), Asia Co妹妹ercial Bank (ACB) and Vietnam International Co妹妹ercial Joint Stock Bank (VIB).

The  三0 biggest stocks tracker, VN 三0-Index, rose 0. 一 八 per cent to finish at  一, 四 四 四. 一0 points.

Of the VN 三0 basket,  一 一 stocks increased while  一 七 decreased.

On a sector basis,  二 二 out of  二 五 sectors decreased, such as insurance, food and beverage, seafood processing, real estate, agriculture, home appliance production, logistics, construction and construction materials.

Meanwhile, on the Hà Nội Stock Exchange (HNX), the HNX-Index rose 0. 二 五 per cent to close Tuesday at  三 四 六. 四 八 points.

The northern market index had increased  二. 二 一 points to close Monday at  三 四 五. 六 三 points.

During the session, over  一 六 九 million shares were traded on HNX, worth VNĐ 三. 六 trillion. — VNS