Stocks fall for third consecutive session

By Nhat Huynh, An Le
Mon, May 16, 2022 | 6:08 pm GMT+7
VN-Index remains in a downturn on May 16, 2022. Photo by The Investor/Trong Hieu.

VN-Index remains in a downturn on May 16, 2022. Photo by The Investor/Trong Hieu.

Vietnam’s benchmark VN-Index has extended the bearish trend to the third consecutive session, losing nearly 11 points to close at 1,171.9 on Monday.

In the early morning, a series of stocks received strong demand, quickly helping VN-Index revert to the 1,200-point milestone, even reaching 1,215 points once.

However, the selling force expanded in the afternoon session, driving a series of blue chips to plunge into the red, extending the fluctuation margin to 45.3 points.

Eleven stocks in the VN30 basket, which tracks the price of leading stocks in terms of market cap and liquidity on the Ho Chi Minh Stock Exchange (HoSE), were in the red. Of this MSN (Masan Group) and STB (Sacombank) fell to the floor, followed by a series of stocks that dropped by more than 3% like BVH, GAS, TCB, VHM, and SAB. In the opposite direction, SSI Securities (SSI) was the largest gainer with a fluctuation margin of 5.8%.

VN30-Index closed down 8.68 points to 1,215.08 points. Liquidity reached VND6,167 billion ($267 million), accounting for 42% of the HoSE liquidity.

Small and medium stocks were also under selling pressure with VNSmallCap and VNMidcap down 0.85% and 1.26%, respectively.

VN-Index closed the session on Monday at 1,171.95 points, down 10.82, with 224 losers (41 stocks hit the floor) and only 232 gainers. HNX-Index climbed by 4.66 (1.54%) to 307.05 points, while UpCoM-Index dropped by 0.41 points (0.44%) to 93.2.

On the three exchanges, 407 stocks were losers (60 stocks hit the floor) and 563 gainers, with total transaction value at VND16,762 billion ($725.7 million), down 28% from last Friday.

Champions on Monday were securities stocks with APS (Asia - Pacific Securities) and HCM (HCMC Securities) jumping to the price ceiling, along with other gainers like SHS (+8.5%), SSI (+5.8%), TVS (+5.6%), ORS (+5.4%), and HBS (+4.6%). Purple coverage also extended to oil and gas stocks like PVS, PVC, and PVT.

Banking stocks gained momentum after several consecutive sessions of steep drops, except for two losers, STB and KLB, which sank 7%.

Meanwhile, real estate stocks were split, with rhythms of increase and decrease intertwined. Notable losses were Dat Xanh Group's DXG and its subsidiary DXS (Dat Xanh Real Estate Services JSC).

The overwhelming red also covered other groups of stocks like construction, logistics, steel, and seafood.

Foreign investors remained net buyers to the tone of VND219 billion ($9.48 million) on HoSE, focusing on CTG (Vietinbank), HPG (Hoa Phat Group), and VCI (Viet Capital Securities).

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