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Shares reverse to fall due to correction pressure

VIETNAM, May 7 -  

A customer buys petrol at a petrol station of Việt Nam National Petroleum Group (PLX) on Hà Nội's Trần Hưng Đạo Street. PLX lost 3.8 per cent on Friday. VNA/VNS Photo Trần Việt 

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 2.31 per cent, to end at 1,329.26 points.

The southern index had gained 0.89 per cent, to end Thursday at 1,360.68 points.

Some 564 million shares were traded on the southern bourse, equivalent to VND15.4 trillion (US$740.5 million).

Market breadth was negative with 394 losers and 59 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 Commercial JS Bank (VIB) and Saigon Hanoi Commercial 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 18 Joint Stock Company (CIG), Đạt Phương Joint Stock Company (DPG), Miền Đông Joint Stock Company (MDG), Post & Telecommunications 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 30 biggest stock trackers VN30-Index decreased 2.25 per cent, to end at 1,373.21 points.

In the basket, only one stock climbed, one stayed flat and 28 slid.

On a sector basis, 23 out of 25 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 4.26 per cent, to end Friday at 343.46 points.

The northern market index had declined 0.62 per cent, to end Thursday at 358.75 points.

More than 61.7 million shares were traded on the northern exchange, worth VNĐ1.43 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 2020-2021 period. However, this group was in a panic after the recent correction phase of the market, as evidenced by the net selling value of VNĐ4.7 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 1,320-1,420 point range. — VNS