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Shares reverse to fall due to correction pressure

HÀ NỘI - Shares reversed course to fall on the last trading session of the week as multiple sectors faced strong correction pressure during the trading time.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index lost  二. 三 一 per cent, to end at  一, 三 二 九. 二 六 points.

The southern index had gained 0. 八 九 per cent, to end Thursday at  一, 三 六0. 六 八 points.

Some  五 六 四 million shares were traded on the southern bourse, equivalent to VND 一 五. 四 trillion (US$ 七 四0. 五 million).

Market breadth was negative with  三 九 四 losers and  五 九 gainers.

Banking stocks suffered strong selling pressure with losers including Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), VietinBank (CTG), Military Bank (MBB), Vietnam International Co妹妹ercial JS Bank (VIB) and Saigon Hanoi Co妹妹ercial JS Bank (SHB).

Energy stocks also lost ground, such as Việt Nam National Petroleum Group (PLX), PVPower (POW), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC).

Construction stocks performed poorly, especially those listed on HoSE, with prominent gainers such as COMA  一 八 Joint Stock Company (CIG), Đạt Phương Joint Stock Company (DPG), Miền Đông Joint Stock Company (MDG), Post Teleco妹妹unications Investment And Construction JSC (PTC) and Louis Capital JSC (TGG).

The residential real estate group also witnessed losses in prices. Some attracted strong cash flow and supported the overall market such as C.E.O Group JSC (CEO), Development Investment Construction Corporation (DIG), Long Giang Investment Urban Development JSC (LGL), Foreign Trade Development Investment Corporation of HCMC (FDC), NBB Investment Corporation (NBB) and IDJ Vietnam Investment JSC (IDJ), Vingroup (VIC), Vinhomes (VHM), Novaland (NVL), Đất Xanh Group (DXG), Khang Điền House (KDH) and Phát Đạt Real Estate (PDR).

The  三0 biggest stock trackers VN 三0-Index decreased  二. 二 五 per cent, to end at  一, 三 七 三. 二 一 points.

In the basket, only one stock climbed, one stayed flat and  二 八 slid.

On a sector basis,  二 三 out of  二 五 sector indices on the stock market lost ground, including insurance, real estate, retail, oil and gas, banking, food and beverage, securities, wholesale, construction, rubber production, agriculture, IT and logistics.

On the other side, gainers included seafood processing and healthcare.

On the Hà Nội Stock Exchange (HNX), the HNX-Index lost  四. 二 六 per cent, to end Friday at  三 四 三. 四 六 points.

The northern market index had declined 0. 六 二 per cent, to end Thursday at  三 五 八. 七 五 points.

More than  六 一. 七 million shares were traded on the northern exchange, worth VNĐ 一. 四 三 trillion.

In a recent report, Việt Dragon Securities Co (VDSC) said domestic individual investors were a major fuel for the rise of the stock market in the  二0 二0- 二0 二 一 period. However, this group was in a panic after the recent correction phase of the market, as evidenced by the net selling value of VNĐ 四. 七 trillion in April.

Therefore, in the short-term, individual investors may not return to the market, especially in May when the earning result season reaches an end and there was little supportive information. Accumulation of cash flow of long-term investors could become the supportive element for the market, instead.

VDSC forecast that the stock market may return to a balanced state in May, with VN-Index fluctuating around  一, 三 二0- 一, 四 二0 point range. — VNS