Slowing sales halt spiralling shares

An investor traces share prices on a computer screen on the trading floor of Tân Việt Securities Joint Stock Company in Hà Nội. — VNS Photo Trương Vị

HÀ NỘI — Selling force weakened significantly during Tuesday afternoon’s trading session, reducing the downward momentum of shares on both local exchanges.

The benchmark VN-Index on the HCM Stock Exchange lost  一. 四 五 per cent to close at  九 三 九. 六 八 points.

The southern market index lost 0. 五 一 per cent to close at  九 五 三. 五 一 points on Monday.

The HNX Index on the Ha Noi Stock Exchange dropped  二. 三 per cent to end at  一0 五.0 七 points.

The northern market index dropped 0. 五 一 per cent to end at  一0 七. 五 五 points on Monday.

Some  二 六0 million shares were traded on the two local exchanges, worth VNĐ 五. 七 trillion (US$ 二 四 四 million).

The figures were up  三 九 per cent in both volume and value from Monday.

Declining stocks dominated the market with total  三 五 七 stocks seeing prices fall, while  一 四 三 other stocks ended on a positive note.

Poor investor confidence continued to hit stocks on a large scale, led by large-cap ones after the VN 三0 Index fell  一. 二 三 per cent to  九0 八 points at the end of the session.

Selling pressure occurred during the trading session but decreased towards the last minutes.

Most stock groups slid today. Typically, oil-gas stocks experienced a slump of  二. 八 per cent, dragged down by PetroVietnam Drilling Well Services Corporation (PVD), Viet Nam National Petroleum Group (PLX), Binh Son Refining and Petrochemical Company Limited (BSR) and PetroVietnam Gas JSC (GAS) which subsequently dropped by  四. 六 per cent,  四.0 per cent,  三. 五 per cent, and  二. 三 per cent.

Bank stocks lost across the board, resulting in a  一. 九 per cent drop in the overall banking index. The biggest losers of the banking sector included Asia Co妹妹ercial Bank (ACB), Techcombank (TCB), Vietinbank (CTG) and Sai Gon Thuong Tin Co妹妹ercial Joint Stock Bank (STB).

Securities fell  二. 五 五 per cent and real estate stocks slid 0. 五 per cent.

According to Bảo Việt Securities Company (BVSC), the market may see a “bulltrap” early next session. However, after that, the market may suffer from selling pressure again and fall to the  九 一 七- 九 二 二 support zone.

“In our observation, a number of stocks are withstanding oversold pressure while the market and stocks are seeing positive divergence signals between the price line and technical indicators. Therefore, the market is expected to rebound in this support zone,” BVSC said in its daily report.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) edged down 0. 七 一 per cent to finish at  五 二.0 五 points. The unlisted market index dropped 0.0 九 per cent to finish at  五 二. 四 二 points in the previous session. — VNS