Market drops again despite higher trade

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SaigonTimes English - 34 month(s) ago 1 readings

Market drops again despite higher trade

HCMC – Strong selling pressure continued to weigh down on the local stock market as it lost ground for the seventh straight session on Wednesday, with the VN-Index shedding 4.2 points, or 1.13%, against the day earlier to close at 367.55.

Market drops again despite higher trade

By Phuong Thao - The Saigon Times Daily

An investor follows stock prices at Bao Viet Securities Co. The VN-Index dropped 4.2 points, or 1.13%, against the day earlier to close at 367.55 on Wednesday - Photo: Kinh Luan
HCMC – Strong selling pressure continued to weigh down on the local stock market as it lost ground for the seventh straight session on Wednesday, with the VN-Index shedding 4.2 points, or 1.13%, against the day earlier to close at 367.55.

The market opened just in the black and immediately hit the high of 374.42 points before reversing direction and dropping back from the end of the first phase onwards. It then fell steadily before ending the day less than a point above the lows.

Liquidity sharply rose due to another active put-through session with large deals seen in STB, SSI and HAG. At the end of the day, there were 58.1 million shares worth VND850 billion changing hands, surging by 70% and 59% from the day earlier respectively.

Losers far outnumbered gainers by 192 to 57, including 19 stocks hitting the ceiling prices and 94 stocks plunging to the floor prices. Blue-chips had another weak day led by big losses of MSN and BVH.

Sacombank (STB) remained the most actively traded stock but it moved sideways again at VND14,800 per share on the volume of 2.2 million shares. Becamex Infrastructure Development Co. (IJC) followed, falling 4.4% against the session earlier to VND8,700 with 1.7 million shares traded.

Foreigners were more active again and played a role in some large put-through deals. They acquired 6.9 million shares worth VND125 billion and offloaded six million shares worth VND128.8 billion, accounting for 14.7% and 15% of the market’s buying and selling value respectively.

The Hanoi market kept sliding on Wednesday although turnover improved to VND282 billion. The HNX-Index fell 0.98 point, or 1.62%, against the previous session and ended the day at 59.64.

The session saw 65 stocks rising while 183 stocks fell back, including 20 stocks hitting the ceiling prices and 55 stocks plunging to the floor prices. Foreigners increased net buying as they accounted for 4.4% and 2.2% of the market’s buying and selling value respectively.

Viet Capital Securities Co. in its comment on Wednesday downgraded the short-term rating to ‘down’ again while the medium-term rating had been so since 10 November 10. The broker cut loss on 0.9% of MBB and 10.9% of KLS on Wednesday morning.

“More weakness also here is likely. There is no support to mention as the indices just hit lows today. It seems like we are going through another tough phase at least for the rest of December, as the short-term momentum indicators just signaled a short-term top a few days ago. Such short-term bear cycles usually last for two to four weeks,” it said.

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