Ending a 7-session winning streak, the VN-Index reversed course and fell sharply.

SGGPO June 29, 2023 16:21

Although the two "pillar" stocks, VCB and VNM, rose, the selling pressure across most stock groups was so strong that the VN-Index reversed sharply, breaking through the 1,130 point mark and ending its previous seven-day winning streak.

Two "pillar" stocks, VCB and VNM, rose but were unable to support the index during the June 29th trading session.

Under significant profit-taking pressure from investors, coupled with unfavorable macroeconomic data for June, the Vietnamese stock market witnessed a sharp and widespread decline on June 29th. The number of declining stocks was more than four times the number of rising stocks. Although VCB and VNM rose, they could not sustain the index, causing the VN-Index to fall below 1,130 points.

Among large-cap bank stocks, only VCB maintained its positive performance, while BID, CTG,ACB , HDB, TCB, VPB, VIB, STB, MBB… all declined by nearly 1% to nearly 3%. Securities stocks also experienced significant drops: VCI fell 4.47%, SSI 4.14%, HCM 3.61%, VND 3.84%, SHS 3.7%... Real estate and public investment stocks also plummeted, with IDC down 2.3%, NLG down 2.36%, PDR down 2.94%, DIG down 5.8%, VCG down 2.11%, NVL down 3.85%, VGC down 3.31%, DRH down 3.08%, DXS down 3%, DXG down 4.2%...

At the close of trading, the VN-Index fell 12.96 points (1.14%) to 1,125.39 points, with 361 declining stocks, 84 rising stocks, and 63 unchanged stocks. On the Hanoi Stock Exchange, the HNX-Index also fell 2.77% to 227.48 points (1.2%), with 148 declining stocks, 50 rising stocks, and 134 unchanged stocks. Market liquidity remained high, with a total trading value of nearly 19,600 billion VND. Foreign investors continued to be net buyers, purchasing 114.74 billion VND on the HOSE.

Source: https://www.sggp.org.vn/cham-dut-chuoi-tang-7-phien-vn-index-quay-dau-giam-manh-post695544.html