Shares end the week in the red on selling pressure

Your browser does not support the audio element. The Vietnamese stock market ended the week on a negative note due to a sudden surge in selling pressure, particularly in the real estate sector. Becamex's Bàu Bàng industrial park in Bình Dương. Becamex and many realty stocks hit the floor price yesterday. — Photo becamex.com.vn

HÀ NỘI — The Vietnamese stock market ended the week on a negative note due to a sudden surge in selling pressure, particularly in the real estate sector.

On the Hồ Chí Minh Stock Exchange, the VN-Index decreased for a third day in a row, down  一.0 七 per cent to close Friday at  一,0 五 二. 八 九 points. The southern market’s index had lost  一. 五 per cent this week.

On the Hà Nội Stock Exchange, the HNX-Index also closed at its lowest points of the day, down  一. 二 三 per cent to  二0 七. 二 五 points.

The market breadth was negative with  四 二 三 shares losing value on both exchanges, only  一 五 二 gaining and  二 四 三 closing flat.

The banking sector's largest loser was Techcombank (TCB) with a  四. 三 per cent drop, while BIDV (BID), Vietinbank (CTG) and Military Bank (MBB) all fell over  一 per cent.

Meanwhile, the rubber industry witnessed the most significant decline, with the industry’s average decrease of  三. 一 三 per cent, according to data on vietstock.vn. Đà Nẵng Rubber (DRC) fell nearly  四 per cent, Sao Vàng Rubber (SRC) decreased by  四. 五 per cent and The Southern Rubber (CSM) dropped by  一. 四 per cent.

The real estate industry also experienced a steep decline, with numerous stocks falling to the floor, such as Kinh Bắc City Development Holding (KBC), Becamex Infrastructure Development (IJC), Bình Dương Trade and Development (TDC), Sài Gòn Thương Tín Real Estaet (SCR), Từ Liêm Urban Development (NTL), Bà Rịa Vũng Tàu House Development (HDC), Đất Xanh Group (DXG) and Development Investment Group (DIG).

Despite the downtrend, liquidity increased in both volume and value, totaling nearly  八 九 九 million shares worth VNĐ 一 四. 九 trillion (US$ 六 三 二 million) being traded in the two markets. This represented increases of  一 八 per cent in volume and  一 七 per cent in value compared to the previous session.

According to Viet Dragon Securities, it is expected that at the support level of  一,0 六0 points of the VN-Index, the market can still receive support to balance in the next session.

“At the same time, the market's exploration will continue in the near future before there are more specific signals,” Phương Nguyên, a market analyst at Viet Dragon Securities Co., wrote in a note.

Phương suggested investors observe supply and demand movements and avoid overbought status, while at the same time taking advantage of the market's recovery to take short-term profits and minimise risks for the portfolio.

Foreign investors remained net sellers, offloading shares worth a net sell value of nearly VNĐ 二 三 二 billion, marking their seventh consecutive net selling session. — VNS