Business

Vietnamese stocks fall on correction pressure

The local stock market saw a narrow range of corrections on February 23 on the two exchanges, as investors increased sales on fears of a steeper fall.
Vietnamese stocks fall on correction pressure ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) - The local stock market saw a narrow range of corrections onFebruary 23 on the two exchanges, as investors increased sales on fears of asteeper fall.

Thebenchmark VN-Index on the HCM Stock Exchange sank for the first time in thepast four days, down 0.1 percent to close at 716.9 points.

Thesouthern market index gained 1.3 percent in the past three days and has climbed7.8 percent this year.

Onthe Hanoi Stock Exchange, the HNX-Index decreased for a second day, down 0.4 percentto end at 86.3 points. It edged down 0.3 percent on the previous day.

“Themarket is performed negatively today, with rising selling pressure at low-pricerange,” Tran Duc Anh, a stock analyst at Bao Viet Securities Co wrote in a reporton February 23.

Themarket breadth was pessimistic, with 258 stocks declining, 192 rising and 244remaining unchanged on the two exchanges.

Growthof large-cap stocks--like Sabeco (SAB), PV Gas (GAS), lender BIDV (BID), FPTCorp (FPT)--cushioned the market fall.

“Aftera long rally, the market will experience short-term corrections to relievesales pressure and to help valuations rise again,” Anh said.

Propertystocks were mixed. Some maintained rises, including FLC Group (FLC), up 6.4 percent;Dat Xanh Real Estate Service & Construction (DXG), up 1.2 percent; and TuLiem Urban Development (NTL), up 1.5 percent.

However,some stocks fell, including Novaland Investment (NVL), VinGroup (VIC) and Kinh BacCity Development (KBC).

Investmentsare pouring into garment stocks and lifting prices.

ThanhCong Textile Garment Investment Trading (TCM) hit the daily limit of 7 percenton the HCM City’s bourse while TNG Investment and Trading (TNG) and PhuThinh-Nha Be Garment (NPS) climbed 3.1 percent and 4.4 percent, respectively.

Accordingto many securities companies, investments are channeling to different stocks toseek new opportunities.

Liquidityremained high, with a total of 272.4 million shares worth a combined 4.2trillion VND (184.2 million USD) traded in the two markets.

Foreigninvestors continued to offload local shares on the HCM Stock Exchange,extending net sales value to 45 billion VND in the past two days. They remainednet buyers in Hanoi’s market for a small value of nearly 3 billion VND.-VNA
VNA
#stock market#investors#exchanges
Follow VietnamPlus

Related News

VN Index drops on profit-earning

VN Index drops on profit-earning

The VN Index on the HCM Stock Exchange pulled back from a four-day increase on February 16 as shares were hit by strong investor selling to earn profits.
VN Index suffers from profit-earning

VN Index suffers from profit-earning

The VN Index on the HCM Stock Exchange extended losses for a second session on February 17 as large-cap stocks remained negative on investors’ profit-earning.
VN Index to stay in 700-710 point range

VN Index to stay in 700-710 point range

The VN Index could move between the 700-710 point level this week on profit-earning after it corrected from a positive run in the post-Tet period, according to market analysts.
VN-Index rises but investors worry

VN-Index rises but investors worry

The benchmark VN-Index continued to rise on February 23 but at a slower pace as investors worried about a possible correction.

See more

Industrial factories in Tan Uyen city, the southern province of Binh Duong (Photo: VNA)

Investors upbeat about Vietnam’s industrial property market

Investors are bullish on Vietnam's industrial property market growth on the back of the nation's strategic location, sound infrastructure, and increasing demand for industrial space, particularly industrial parks that meet green standards, according to market research.

Vietnamese Ambassador to Belgium and head of the Vietnamese Delegation to the EU Nguyen Van Thao addresses the forum (Photo: VNA)

Forum connects Vietnamese, Belgian busineses

The Vietnam-Belgian business forum took place in Brussels on October 23, offering a chance for enterprises of the two countries to introduce their products and explore new cooperation opportunities.

The expos cover over 6,000 sq.m, drawing over 210 exhibitors from 10 countries and territories. (Photo: VNA)

Hanoi hosts textile & garment, fabric garment accessories expos

The Vietnam Hanoi Textile & Garment Industry and Fabric Garment Accessories Expos 2024 (HanoiTex & HanoiFabric 2024) is taking place in Hanoi on October 23 – 25 as part of a series of international exhibitions on Vietnam's textile and garment industry.

Representatives from Vietnamese and Lao agencies, localities and businesses at the opening ceremony of the Vietnam-Laos trade fair 2024 in Xiengkhouang province. (Photo: VNA)

Vietnam, Laos step up trade, tourism promotion

A Vietnam-Laos trade fair was kicked off in Phonsavanh township in Xiengkhouang province of Laos on October 23 as part of activities to celebrate the 75th anniversary of the traditional day of Vietnamese volunteer soldiers and experts in Laos (October 30, 1949 – 2024).

Illustrative photo (Photo: chinhphu.vn)

Vietnamese goods enter US through global supply chain

The Saigon Co.op Distribution Company Limited (SCD) - a member of the Ho Chi Minh City Union of Trade Cooperatives (Saigon Co.op), and STC Natural Vina Company on October 23 held a hand-over ceremony for goods that will be exported to the US.

Vietnam’s lobsters have clawed their way back onto Chinese menus after a suspension. (Photo: VNA)

Vietnam’s lobsters claw back prominence in China

Vietnam’s lobster export to the Chinese market in January-September rose 33 folds year-on-year on the back of lower prices and stronger trade ties between the two nations, the South China Morning Post said on October 22.