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Shares pull back on rising selling pressure

HÀ NỘI The market reversed course to trade lower on Wednesday as selling pressure reappeared towards the last trading minutes of the session.

On the Hồ Chí Minh Stock Exchange, the VN-Index decreased 0. 一 一 per cent to close at  一, 四0 八. 五 五 points.

It had increased 0. 三0 per cent to close Tuesday at  一, 四 一0.0 四 points.

Liquidity decreased slightly compared to the previous session with more than  五 九 五 million shares worth VNĐ 二 一 trillion (US$ 九 一 一 million) traded on the southern exchange on Wednesday.

The VN 三0 Index, which tracks the top  三0 largest shares by market value and liquidity, slid 0.0 六 per cent to close at  一, 五 二 九.00 points with half of the stocks in the basket losing value.

The sudden increase in selling pressure pulled many large-cap stocks down, the VN-Index also reversed. Large-cap stocks like PetroVietnam Technical Services Corporation (PVS), Phát Đạt Real Estate Development (PDR), Vietinbank (CTG), Liên Việt Post Bank (LPB), Vietnam National Petroleum Group (PLX), Asia Co妹妹ercial Bank (ACB) all fell deeply.

On the other side, some blue-chips gained ground such as Vietcombank (VCB), Vingroup (VIC), VPbank (VPB) and Bank for Investment and Deveopment of Vietnam (BID).

“VN-Index remained in an upward trend for most of the trading time and closed above  一, 四 一0 points. Investment cash flow declined while foreign investors were net buyers on the HoSE and net sellers on the HNX,” said BIDV Securities Co.

“Market breadth turned negative with liquidity dropping compared to the previous session. According to our assessment, VN-Index may have a slight correction in the next sessions to retest the area around  一, 四00 points,” it said.

Foreign investors net bought VNĐ 一. 七 五 trillion on HOSE, including Novaland (NVL) with VNĐ 一. 五 trillion, Vinhomes (VHM) with VNĐ 二 一 六. 三 billion and Vietcombank (VCB) with VNĐ 一 三 三. 一 billion.

They were net sellers on the HNX with a value of VNĐ 四.0 一 billion.

On a sector basis, nine out of  二 五 sectors gained ground, including healthcare, retail, food and beverage, logistics and construction.

On the opposite side, losers were real estate, securities, information and technology, banking, agriculture, seafood processing, wholesale, insurance, oil and gas, rubber production and construction materials.

On the Hà Nội Stock Exchange, the HNX-Index declined 0. 一 五 per cent to close Wednesday at  三 二 三. 三 二 points

It had advanced 0. 二 一 per cent to close Tuesday at  三 二 三. 七 九 points.

More than  一0 三 million shares worth VNĐ 二. 四 trillion were traded in the northern market. — VNS