Photo shows investors at Saigon Securities Inc’s stock trading platform (Photo: VNA)Hanoi (VNA) - The VN Index on the HCM Stock Exchange extended losses fora second session on February 17 as large-cap stocks remained negative oninvestors’ profit-earning.
Thebenchmark stock index inched down 0.2 percent to close at 707.83 points,totaling a two-day loss of 0.5 percent.
Afterthree gaining sessions and two declining ones this week, the southern marketindex closed up 0.6 percent compared to last week.
Marketliquidity declined from the previous day’s levels with more than 166 millionshares being traded, worth 3.54 trillion VND (157.6 million USD).
Halfof the stocks in the VN30 basket, which tracks the performance of the 30largest stocks by market capitalisation and trading liquidity, were down.
Thoseincluded dairy producer Vinamilk (VNM), brewer Sabeco (SAB), Vietcombank (VCB),Vietinbank (CTG) and PetroVietnam Gas Corp (GAS).
SABfell 0.3 percent, VCB dropped 0.8 percent, CTG decreased by 2.1 percent and GASedged down 0.7 percent, VNM 1.5 percent and the market also saw foreigninvestors offload their stake in the largest dairy producer after net-buy thestock in 28 consecutive days.
Steelmakerswere also hit by profit-earning. Hòa Phát Group (HPG) lost 0.9 percent and HoaSen Group (HSG) was down 0.1 percent.
“Thesecond-day fall of the VN Index came after the benchmark index conquered theresistance level of 710 points on February 15, triggering a short-termprofit-earning from investors,” BIDV Securities Corp (BSC) said in a note.
Themoney was directed from large-cap stocks like VNM and VCB to other stocks indifferent sectors as investors were waiting for more attractive investmentopportunities, BSC said.
“Cautiousinvestor sentiment also lowered market trading liquidity compared to February16, as investors were waiting for the chance to buy stocks at lower prices.”
Onthe opposite side, some stocks struggled to maintain their positive runs. Forexample, real estate and agriculture group Hoàng Anh Gia Lai (HAG) closed up2.7 percent, reversing from the negative dimension in the morning.
Onthe Hanoi Stock Exchange, the HNX Index finished up 0.3 percent at 85.88 pointsfollowing a drop of 0.8 percent on Thursday.
Thenorthern market ended this week 0.2 percent lower than last week’s closinglevel. Nearly 48.9 million shares were traded on the northern bourse, worth 445billion VND.-VNA
VNA
