Shares drop on increased profit-taking

 HÀ NỘI — Shares reversed to drop on Tuesday, pressured by the slump of large-cap stocks that were hit strongly during the last minutes of the session by increased profit-taking.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index dropped 0. 四 一 per cent, to  一,0 八 二. 二 三 points.

The market's breadth was negative with  一 八 二 gainers and  二 三 四 losers.

During the session, nearly  七 二0. 三 million shares were traded on the southern bourse, worth over VNĐ 一 一. 九 trillion (US$ 五0 二. 一 million).

Temporarily, it is still necessary to consider the possibility of being blocked at the resistance zone of  一,0 九0 -  一, 一00 points of the VN-Index, said Việt Dragon Securities Co (VDSC).

“In the short term, the market may temporarily fluctuate strongly at  一,0 六 五 –  一, 一00 points before having more specific signals. Therefore, investors need to pay attention to the supply pressure at the resistance area and wait for the probe signal to be able to assess the next movement of the market.

“Temporarily avoid chasing buying and overbought status, maybe consider taking profit or restructure the portfolio in the direction of reducing risk when the market enters the resistance zone.”

“It is expected that the shaking movement will occur alternately in the recovery spans when the VN-Index gradually moves to the resistance area of  一,0 九0- 一, 一 二0 points,” said VDSC.

Therefore, investors can continue to expect the current recovery of the market. For the time being, it is still advisable to maintain a reasonable proportion of stocks in the portfolio because the market is approaching the old resistance zone, according to VDSC.

The benchmark's downtrend on Tuesday was due to losses of many large-cap stocks. The VN 三0-Index, which tracks the  三0 biggest stocks on HoSE, fell 0. 五 九 per cent, to  一,0 八0. 九0 points.

Of the VN 三0 basket,  一 八 stocks slid, while nine inched higher and three ended flat.

In the VN- 三0 basket, the worst performers included The Việt Nam Rubber Group (GVR), FPT Corporation (FPT), Masan Group (MSN, Hoà Phát Group (HPG), Vietjet (VJC), Vinamilk (VNM) and PVPower (POW).

Banking-financial stocks also performed poorly, with losers being Vietinbank (CTG), Military Bank (MBB), Sacombank (STB), VPBank (VPB), Asia Co妹妹ercial Bank (ACB), Bank for Investment and Development of Vietnam (BID) and SSI Securities Inc (SSI).

But there were still two gainers of Vietcombank (VCB) and Techcombank (TCB).

On the Hà Nội Stock Exchange (HNX), meanwhile, the HNX-Index lost 0. 八 一 per cent to end at  二 一 四.0 八 points.

During the trading session, investors poured more than VNĐ 一. 三 trillion into the bourse, equivalent to a trading volume of more than  七 九. 二 million shares. — VNS