Stocks lose momentum

After 7 consecutive increasing sessions, the market faced great profit-taking pressure, causing the VN-Index to shake strongly before closing down 1.6 points.

The HoSE representative index opened in the green but was quickly pulled back below the reference. The VN-Index fluctuated continuously when the electronic board was mostly red, but the decrease amplitude was low. The market's support today was a number of real estate and construction stocks with large liquidity that continued to increase steadily, such as CII, PDR, NVL, DIG, KBC, or the financial group STB, MSB, VND, VIX.

The market deteriorated in the late morning when profit-taking pressure appeared densely. For most of the afternoon session, the VN-Index was in the red, at times falling close to 1,155 points, down nearly 5 points from the reference. However, before entering the ATC session, the market improved its score. The VN-Index closed at 1,158.6 points, down about 1.6 points compared to yesterday.

Market breadth was tilted towards the downside, with nearly 60% of stocks in the red. The oil and gas group, including GAS, negatively affected the overall market index. Stocks in this sector fell after Saudi Arabia cut crude oil prices, causing the world fuel price to plummet. At the end of today's trading session, Brent crude oil fell 3.4% to $76.12 a barrel, while WTI crude also fell 4.1% to $70.77 a barrel.

Real estate also had a less positive performance. Many codes such as DIG, CEO, NVL, VRE, KDH, HDC all decreased by more than 1%. However, the board had a large differentiation when stocks that benefited from the information that Ho Chi Minh City approved the Thu Thiem land auction plan still maintained green color such as CII, PDR.

Liquidity decreased in line with the index when the total transaction value on HoSE reached more than 18,400 billion VND, a loss of nearly 760 billion VND compared to the previous session. Foreign investors were net sellers for the sixth consecutive session. The difference between the two buying and selling directions today was about 115 billion VND.

Siddhartha

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