Weakening blue chips make VN-Index close in red

By Huong Dung
Fri, August 25, 2023 | 5:48 pm GMT+7

Vietnam’s benchmark VN-Index dropped 6.02 points, or 0.51%, to close at 1,183.37 on Friday as more than one third of blue chips declined.

The Ho Chi Minh Stock Exchange (HoSE), represented by the index, saw up to 331 losers and 173 gainers, with over 893 million shares changing hands for nearly VND20.3 trillion ($845.66 million), up 10% from the previous session. Cash flows continued to run into the finance, real estate and industry groups.

Blue chips were the main force dragging down the VN-Index as their VN30-Index lost 7.95 points to 1,193.93, with up to 23 tickers falling and only seven rising.

In the banking group, all large caps decreased. VCB of Vietcombank went down 0.92%, BID of BIDV 1.31%, CTG of VietinBank 1.89%, VPB of VPBank 1.46%, TCB of Techcombank 0.44%, MBB of MBBank 0.82%, STB of Sacombank 1.43%, and VIB of Vietnam International Bank 0.76%.

Securities stocks showed positive performance, with SSI of Saigon Securities up 0.63%, VND of VNDirect Securities 2.58%, VCI of Viet Capital Securities 0.58%, HCM of Ho Chi Minh City Securities 0.5%, and VIX of VIX Securities 1,96%.

The VN-Index dropped 6.02 points to close at 1,183.37 on August 25, 2023. Photo by The Investor/Trong Hieu.

The VN-Index dropped 6.02 points to close at 1,183.37 on August 25, 2023. Photo by The Investor/Trong Hieu.

Real estate tickers saw a divergence. While blue chips like VIC of conglomerate Vingroup, VHM of Vinhomes, VRE of Vincom Retail, and NVL of Novaland lost; DXG of Dat Xanh Group, CTD of Coteccons Construction JSC, DIG of DIG Corp. and SJS of Song Da Urban & Industrial Zone Investment & Development gained.

Notably, VCG of Vinaconex dropped over 2% on strong profit-taking pressure though the corporation is part of a consortium that has won a VND35 trillion ($1.49 billion) bidding package to build the terminal for Long Thanh International Airport in the southern province of Dong Nai.

Earlier, this code recorded many sessions of strong gains from VND20,000 ($0.83) to VND28,000 ($1.17) per share, the highest level since mid-April 2022.

Meanwhile, the tickers of three other members of the consortium (Vietur), namely PHC of Phuc Hung Holdings, CC1 of Construction Corporation 1, and HAN of Hanoi Construction Corporation strongly increased.

The green overwhelmed the manufacturing group, especially seafood stocks which skyrocketed following the news that China banned seafood imports from Japan. IDI of I.D.I International Development & Investment Corp. hit its ceiling price; VHC of Vinh Hoan Corp. increased 3.17%, ANV of Nam Viet Corp. 4.79%, and FMC of Sao Ta Foods 2.15%.

Foreign investors were net sellers on the HoSE to the tune of nearly VND850 billion ($35.4 million) after net buying VND200 billion ($8.33 million) in the previous session. They mainly net sold CTG, MWG of Mobile World, HPG of steel maker Hoa Phat, VPB, and DPM of Petrovietnam Fertilizer & Chemicals Corporation.

The HNX-Index at the Hanoi Stock Exchange went down 0.33 points to 242.9, while the UPCoM-Index at the Unlisted Public Companies Market inched up 0.16 points to 91.01.

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