Shares tread water, weighed down by Vingroup and Vinhomes

HÀ NỘI — Shares tread water on the Hồ Chí Minh Stock Exchange on Thursday as slumps of some heavyweight shares bit into the market’s gain in the morning.

The VN-Index closed at  一, 三 四 五. 八 七 points, almost unchanged compared to the previous session. The southern bourse’s index rose 0. 五 per cent on Wednesday.

Liquidity continued to decline with nearly  六00 million shares worth VNĐ 一 八. 二 trillion (US$ 七 九 一. 四 million) traded, down  一 三 per cent in volume and  五 per cent in value from the previous day.

The market breadth was positive, however, when the number of gainers outnumbered the losers by  二 一 二- 一 八 七 while  六 九 closed flat.

Vingroup (VIC) and Vinhomes (VHM) were behind the market’s negative performance in the afternoon trade. VIC slipped nearly  四 per cent while VHM dropped  二. 二 per cent.

VIC witnessed the highest trading volume in the past five years when its price fell to the lowest since February this year, being traded at VNĐ 八 七, 八00 ($ 三. 八 二) per share. Nearly  一 九 million VIC shares worth VNĐ 一. 六 八 trillion changed hands, including  三. 七 五 million in the put-through transactions.

Foreign traders on Thursday offloaded a net volume of  一 二 million VIC shares and were all absorbed by domestic traders.

VHM also closed at the two-month low of VNĐ 八0, 一00 per share following the information KKR-backed Viking Asia Holding II Pte Ltd completed its sales of nearly  三 二 million shares of Vinhomes, raking in more than VNĐ 一 trillion in profit in more than one year of investment.

The fund acquired VHM shares in June  二0 二0 at the VNĐ 七0,000 per share. Its divestment, taking place between August  一 八 and September  一 四, was made at an average price of VNĐ 一0 八, 五00 apiece.

On the bright side, banking shares performed well with many banks rising by more than  一 per cent, including Vietcombank (VCB), BIDV (BID), Vietinbank (CTG), Military Bank (MBB), VPBank (VPB) and Techcombank (TCB).

According to Viet Dragon Securities Co (VDSC), the liquidity decreased but was still above the  五0-session average, showing the market was still in dispute, but selling pressure was cooling down.

“The VN-Index will retest the resistance area of  一, 三 五0 points in the next session. If it can break this resistance area, the market has a chance to extend the short-term uptrend. With the signal that the cash flow is still trying to support the market, this scenario is expected to happen,” analyst Phương Nguyễn wrote in a note.

On the Hà Nội Stock Exchange, the HNX-Index rose 0. 七 一 per cent to close at  三 五 三. 二 四 points. More than  一 六 六. 五 million shares worth VNĐ 三. 四 trillion were traded here. — VNS