Investors at VNDirect Securities Company in Hanoi (Photo: tinnhanhchungkhoan.vn)
Hanoi (VNS/VNA)
– Shares declined on the Ho Chi Minh Stock Exchange on October 20 as investor
confidence weakened towards the end of the session, resulting in the decline of
large-cap stocks.
The benchmark VN Index
edged down 0.25 percent to close at 826.84 points, retreating from its intraday
growth of 0.55 percent.
The benchmark index also
stepped back from a 0.15 percent gain made on Thursday. It advanced total 0.7 percent
over the week.
The market breadth was
quite positive with 178 declining stocks, nearly double the number of gaining
ones.
The imbalance between
gaining and declining stocks suggested investor confidence was quite poor and
selling pressure was high, according to Bao Viet Securities Co (BVSC).
More than 196 million
shares were traded on the southern bourse, worth 4.76 trillion VND (211.7
million USD).
The trading figures were
up 16 percent in both volume and value compared to October 19’s numbers.
BVSC analyst Tran Xuan
Bach said in the company’s daily report that the VN Index closed down slightly
in the last trading session of the week as selling pressure rose when the
session was ending.
Selling pressure
dominated the stock market and investors became more cautious with the market
trading condition, especially when the VN Index was mainly driven by large-cap
stocks, he said.
Selling in large-cap
stocks may rise in the short-term if investor confidence remained weak in
coming days, making the VN Index break its supportive ranges, Bach added.
Blue-chip stocks
underperformed on October 20 as the VN30 Index, which tracks the performance of
the top 30 companies by market capitalisation and trading liquidity, fell 0.42 percent.
In the VN30 basket,
two-thirds of the 30 top stocks declined while only nine advanced.
Among declining stocks
were Thanh Thanh Cong Tây Ninh Sugar Co (SBT), digital retailer Mobile World
(MWG), brewer Sabeco (SAB), logistics firm Gemadept (GMD) and DHG
Pharmaceutical Co (DHG).
MWG dropped 3.4 percent
from its six-day rally of total 8 percent. DHG lost 2 percent after announcing
its pre-tax profit in the past quarter fell 17 percent year on year to 144.3
billion VND.
“The VN Index could fall
further in early sessions next week,” Bach said, adding that the nearest
short-term supportive range for the benchmark index is between 819 and 824
points.
On the Hanoi Stock
Exchange, the HNX Index slumped 0.86 percent to end at 108.14 points, totaling
a three-day decline of 1.5 percent.
The northern market
index also erased all gains made in the first two sessions, closing down 0.9 percent
after one trading week.
Nearly 43.6 million
shares were traded on the northern bourse, worth 479.8 billion VND.-VNA