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Stock market: early gains lost on foreign selling

Shares on the HCM Stock Exchange lost early gains in the morning trade on September 15 as increased foreign selling continued to weigh on large-cap stocks.
Stock market: early gains lost on foreign selling ảnh 1Illustrative Image (Photo: VNA)

Hanoi (VNA) – Shares on the HCM Stock Exchange lost early gains in the morning trade on September 15 as increased foreign selling continued to weigh on large-cap stocks.

The VN-Index, the measure of 311 stocks on the HCM City’s exchange, inched down 0.1 percent to close at 656.2 points. It decreased 0.5 percent on September 15.

On the smaller exchange in Hanoi, the HNX-Index tracking 379 stocks was down 0.6 percent to end at 82.9 points. It also lost 0.6 percent on September 14.

Foreign investors continued to offload local shares September 15, primarily focusing on large-cap stocks. They sold shares worth a net value of 149 billion VND (6.7 million USD) in HCM City’s market, up nearly 250 percent over previous day’s level and recording their 12th consecutive net selling session.

Their total net sell value reached 1.6 trillion VND in the last 12 trading days.

Eight of the top 10 shares most sold by foreign investors on September 15 were among the 30 highest-valued stocks on the market.

Dairy giant Vinamilk (VNM), the biggest listed stock, continued to top the list with a net sell value of more than 79 billion VND. Steelmaker Hoa Phat Group (HPG) and Saigon Securities Inc (SSI) followed with net values of 27.7 billion VND and 19.3 billion VND, respectively.

Half of the list lost value. Vinamilk was down 0.7 percent, extending losses to 1.3 percent in the last two settlements. The shares sank in four out of the last five sessions.

Saigon Securities Inc, Phu My Fertiliser (DPM), Vietcombank (VCB) decreased between 0.7 percent and 1.4 percent.

“The reallocation of exchange-traded funds would likely impose negative impact on the movement of the indices as most large-cap stocks in the portfolio of the funds will suffer from a declining exposure when Vinamilk is included,” Tran Xuan Bach, stock analyst at Bao Viet Securities Co, wrote in September 15 report.

However, if the market tumbled during their review, investors could make long-term trading for blue chips slumping on September 16, Bach said.

A few bucked the trend such as real estate developer VinGroup (VIC), Hoa Phat Group, Military Bank (MBB), Vietinbank (CTG) and agribusiness Hoang Anh Gia Lai Co (HAG) which cushioned the market.

After ETF trading review, the monetary policy meeting on interest rates of the US Federal Reserve (Fed) which will be held on September 20-21, as well as the meeting of the Organisation of Petroleum Exporting Countries (OPEC) on oil production by the end of next month are forecast to have substantial impact on both global and local stocks.

Liquidity increased with a total of nearly 147 million shares worth 2.3 trillion VND being traded in the two markets, up 13 percent in volume and 9.5 percent iဣn value compared with the previous session.-VNA

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