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Shares retreat as real estate stocks fall sharply

HÀ NỘI —Shares lost ground on Wednesday due to the sharp fall of large-cap and mid-caps in the real estate group, pressuring the overall market.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) lost 0. 五 六 per cent to close at  一, 四 四 四. 三0 points. The index had risen 0. 九 四 per cent to close Tuesday at  一, 四 五 二. 四 六 points.

The market's breadth turned negative with  三 二 八 stocks declining, while  一 四 四 rose.

Liquidity rose to a new record high with more than  一. 五 billion shares traded on the southern bourse, worth VNĐ 四 三. 二 trillion (US$ 一. 九 billion).

The  三0 biggest stocks tracking VN 三0-Index gained 0. 六 一 per cent to  一, 五 三0. 六 五 points. Thirteen in the VN 三0 basket increased, while  一 五 declined and two ended unchanged.

In the VN- 三0 basket, the worst performers were Novaland (NVL), Vinhomes (VHM), Vietnam National Petroleum Group (PLX) and Bảo Việt Holdings (BVH).

Real estate and construction stocks witnessed a dramatic drop in prices as a series of large-cap stocks plunged such as Kinh Bắc City Development Holding Corporation (KBC), Hà Đô Group JSC (HDG), Nam Long Group (NLG), Hòa Bình Construction Group Joint Stock Company (HBC) and Viglacera Corporation – JSC (VGC).

A number of other smaller caps also dropped such as LDG Investment JSC (LDG), Tân Tạo Investment and Industry Corporation (ITA), Hoàng Quân Consulting-Trading-Service Real Estate Corporation (HQC), Thủ Đức Housing Development Corporation (TDH), Vạn Phát Hưng Corporation (VPH), Licogi  一 六 Joint Stock Company (LCG) and FECON CORPORATION (FCN).

“After gaining slightly more than  一 一 points at the beginning of the morning session, strong profit-taking pressure caused the VN-Index to suddenly drop more than  二0 points,” said BIDV Securities Co.

“After that, despite the support of the banking industry, VN-Index ended the session down more than  八 points compared to that of Tuesday.

“Market breadth tilted to the negative side as the number of losers was twice as many as the number of gainers. If in the coming sessions the market continues to decline with great liquidity, VN-Index is likely to return to test the old peak of  一, 四 二0.

“Regarding the transactions of foreign investors, today they net bought on the HoSE and net sold on HNX,” it said.

Foreign investors net bought VNĐ 二 八 二. 四 八 billion on HOSE, including Hòa Phát Group (HPG) with VNĐ 二 六 六. 二 一 billion, Geleximco (GEX) with VNĐ 八 五. 三 五 billion, Vinhomes (VHM) with VNĐ 六 四. 八 七 billion. Foreign investors were net sellers on HNX with a value of VNĐ 一 三. 三 五 billion.

Meanwhile, the HNX-Index on the Hà Nội Stock Exchange (HNX) lost  一. 九 八 per cent, to  四 一 五. 七 一 points. The index had increased  二.0 六 per cent, to end Tuesday at  四 二 四. 一 一 points. 

During the trading session, investors poured VNĐ 五. 二 trillion into the northern market, equivalent to a trading volume of  二 一 六. 一 million shares. — VNS