After four consecutive gaining sessions, analysts believe that stocks on the Ho Chi Minh Index (HoSE), on which the VN-Index is based, are being sold off as investors try to cash in on short term gains. 236 tickers fell and 158 rose on the bourse this session.
Total trading volume on the exchange surged 30 percent over the previous session, reaching VND6.54 trillion ($280.64 million), of which around half involved stocks outside the VN30, a basket of HoSE’s 30 biggest market capped stocks.
The VN30-Index slid 0.32 percent, with 21 stocks losing and seven gaining.
Topping losses was VRE of mall operator Vincom Retail, down 2.1 percent, followed by MSN of food conglomerate Masan Group, PLX of petroleum distributor Petrolimex, and VIC of Vietnam’s largest private conglomerate Vingroup, all of which shed 1.6 percent.
Most banking stocks finished in the red. In the private sector, STB of Sacombank dropped 0.9 percent, HDB of HDBank, 0.8 percent, VPB of VPBank, 0.7 percent and TCB of Techcombank, 0.5 percent.
State-owned banks performed better, with VCB and BID of giants Vietcombank and BIDV slipping by a marginal 0.5 percent and 0.1 percent respectively, while MBB of mid-sized Military Bank kept its opening price and CTG of VietinBank added 0.4 percent.
Other major losers this session included PNJ of Phu Nhuan Jewelry, POW of electricity generator PetroVietnam Power, both down 1.5 percent, followed by KDH of real estate developer Khang Dien House and FPT of IT services group FPT, down 1.2 percent and 1 percent respectively.
In the opposite direction, HPG of steelmaker Hoa Phat Group topped gains with 2.8 percent, followed by REE of Refrigerated Electrical Engineering, up 2.3 percent, and SBT of agricultural firm TTC-Sugar, up 1.4 percent.
Foreign investors continued to be net sellers to the tune of VND138 billion on all three bourses, with selling pressure mostly on VHM of Vinhomes and BID of BIDV.