Stock index VN-Index experiences further losses due to profit-taking pressure
The Vietnamese stock market closed lower on Friday, July 31, as profit-taking among large-cap stocks led to widespread selling pressure. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) declined by 0.49% to close at 1,495.21 points. The VN30-Index, which tracks the performance of the 30 largest companies listed on HoSE, also fell slightly by 0.07%.
Despite the overall market decline, liquidity remained high at over VND39 trillion (US$1.5 billion). However, a clear differentiation was evident among leading stocks, with some experiencing significant gains while others suffered losses.
FPT Corporation (FPT) shares soared 2.9% on the news of the passing of Hoàng Nam Tiền, a founding member of the company, at the age of 57. On the other hand, Orient Commercial Joint Stock Bank (OCB) dropped by 3.42%, Novaland (NVL) rose by 3.6%, and Ba Ria - Vung Tau House Development JSC (HDC) by 2.29%.
The real estate sector struggled, with Vingroup (VIC) declining by 1.42% and Vinhomes (VHM) by 0.11%. SSI Securities Corporation (SSI) also dropped by 2.92%.
In the banking sector, HDBank (HDB) increased by 2.08%, while Vietinbank (CTG) declined by 3.49%. Eximbank (EIB) fell by 2.96%, and VNDirect Securities Corporation (VND) declined by 2.2%. VIX Securities JSC (VIX) dropped by 3.66%.
Sahabank (SHB) rose by 1.16%, and the HNX-Index on the Hanoi Stock Exchange (HNX) closed the week at 264.93 points, down 1.41 points, or 0.53%.
The market's breadth was negative, with 180 stocks decreasing and 141 ticking up. Foreign investors net sold a significant amount of nearly VND2.3 trillion on HoSE and more than VND159.27 billion on HNX. Experts advise domestic investors to be cautious in their short-term trading decisions due to foreign selling pressure.
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- The rise in FPT Corporation shares could be attributed to the news of Hoàng Nam Tiền's passing, a founding member of the company.
- The real estate sector experienced a dip, with Vingroup and Vinhomes among the companies that saw a decrease in their share prices.
- in the banking sector, while HDBank saw an increase, Vietinbank, Eximbank, VNDirect Securities Corporation, and VIX Securities JSC all saw a decrease in their share prices.
- Experts caution domestic investors about short-term trading decisions due to the foreign selling pressure in the stock market.
