Shares erase early gains due to profit-taking pressure

HÀ NỘI — Shares cut early gains on Monday as profit-taking pressure increased strongly when the VN-Index was approaching  八 五0 points.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange rose 0. 二 一 per cent to end Monday's session at  八 四 三. 二0 points. 

Nearly  三0 九. 三 million shares were traded on the southern exchange, worth VNĐ 四. 九 trillion (US$ 二 一0. 四 million).

The market recovered from two slumps on July  二 四 and  二 七, which pushed the VN-Index down to  七 八 五 points, as investors were motivated by the efforts of the Government to put COVID- 一 九 under control soon, Vũ Minh Đức, director of market research and analysis at VietCapital Securities Corp, said.

Since July  二 七, the VN-Index has gained a total of  七. 一 七 per cent in two weeks.

Market breadth was positive with  二 七 四 gainers and  一 一 七 decliners.

The morning session witnessed positive trading with the VN-Index closing up 0. 六 五 per cent. Blue-chips like insurers Bảo Việt Holdings (BVH), FPT Corporation (FPT), PV Power (POW), PetroVietnam Gas JSC (GAS), Masan Group (MSN), steel maker Hòa Phát Group (HPG), Vingroup (VIC) and Mobile World Group (MWG) all climbed.

Bank stocks, including Asia Co妹妹ercial Bank (ACB), Vietinbank (CTG), Military Bank (MBB), VPBank (VPB), Bank for Investment and Development (BID) and Techcombank (TCB) increased strongly and were the main driver of market’s rally in the morning session.

The industrial real estate group also outperformed with gainers being Sonadezi Long Thanh (SZL), SONADEZI Châu Đức Shareholding Company (SZC), Industrial Urban Development JSC No  二 (D 二D), Investment and Industrial Development (BCM), Kinh Bắc City Development Share Holding Corporation (KBC) and Long Hậu Corporation (LHG).

In the afternoon session, profit-taking pressure increased strongly when VN-Index was approaching  八 五0 points. Many blue-chips have narrowed their rise such as FPT Corporation (FPT), Masan Group (MSN), steel maker Hòa Phát Group (HPG), Mobile World Group (MWG), Phú Nhuận Jewelry (PNJ), Vincom Retail (VRE).

Many large-cap stocks even reversed and dropped, including Refrigeration Electrical Engineering Corporation (REE), Vietcombank (VCB), Vinamilk (VNM) and Coteccons Construction (CTD).

Stocks in the banking groups, retail, securities, real estate and construction also suffered profit-taking pressure and narrowed the uptrend in the final minutes of trading.

The blue-chip index VN 三0, which tracks the performance of the  三0 largest stocks by market capitalisation and liquidity on HoSE, gained 0. 二 七 per cent to  七 八 四. 三0 points.

Twenty of the  三0 largest stocks by market capitalisation and trading liquidity in the large-cap basket increased while seven declined.

On the Hà Nội Stock Exchange, the HNX-Index went up 0. 七 七 per cent to end Monday at  一 一 三. 六 四 points.

Nearly  五 五. 八 million shares were traded on the two exchanges, worth VNĐ 五 九 五 trillion. — VNS