Selling pressure behind stock market’s loss

12-Jun-2021 Intellasia | The Saigon Times | 5:02 AM Print This Post

The increased selling pressure dragged the local stock market down, with the VN Index of the Hochiminh Stock Exchange falling 9.32 points, or 0.07%, at 1,323.58 points today, June 10.

There were 162 stocks rising and 236 falling stocks. The southern bourse saw matching volume dipping 12 percent at over 723.48 million shares and value dropping 2 percent at nearly VND25.4 trillion. Block deals contributed nearly VND2.1 billion to the total value.

In the VN30 basket, steel maker HPG, dairy firm VNM and sugar maker SBT reported positive growth. Specifically, VNM posed the largest rise in the basket of 3.5 percent at VND92,200. SBT rose 3.3 percent at VND21,700 and HPG added 2.6 percent at VND51,600.

Meanwhile, lender VPB returned to its reference price of VND71,800. It also led the bourse in terms of liquidity with more than 76.5 million shares matched.

Meanwhile, bank stock BID, retailer VRE and real estate developer NVL weighed on the market as they fell 3.4%, 2.8 percent and 2.5%, respectively.

Petroleum stock PVD came under strong selling pressure to tumble to its floor price of VND22,200 and saw 18.6 million shares traded. The stock declined after Singapore-based KrisEnergy Limited, which owed PVD VND107.3 billion, had filed for bankruptcy.

Meanwhile, property stocks split as DXG inched down 2.1 percent at VND23,600, ITA dropped 3 percent at VND7,400 and KBC lost 3.4 percent at VND33,800, while SCR surged to its ceiling price of VND11,400. Further, HQC expanded 3.2 percent at VND3,890 and HAH picked up 3.9 percent at VND29,200.

On the Hanoi Stock Exchange, the HNX-Index dipped 5.56 points, or 1.75%, at 311.32 points. There were more than 142.3 million shares valued at some VND3.5 trillion transacted.

Insurer PVI was a bright spot on the northern bourse as it soared 9.8 percent to its ceiling price of VND39,100 after its large stakeholder HDI Global Se had registered to sell over 13.84 million PVI shares.

However, many large-cap stocks extended their losses. For example, lender SHB plummeted 5.8 percent at VND29,500; petroleum stock PVS slumped 5.3 percent at VND26,900; and construction firm S99 fell 5.1 percent at VND20,500.

SHB remained the best performer in terms of liquidity with more than 18.3 million shares changing hands, followed by securities stock VND with over 18.1 million shares and PVS with 15.7 million shares.


Category: Stocks, Vietnam

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