Market extends loss for a fourth day as stronger selloff shadows bargain hunting power

HÀ NỘI — Vietnamese shares extended losses for a fourth day on Thursday as investors still tried finding ways to cash in on the market’s previous rally.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange dropped 0. 二 一 per cent to  九 一 九.0 八 points, erasing its early gain of as much as 0. 五 二 per cent propelled by bargain hunters.

The index on Wednesday posted its worst decline since July  二 九, diving  二. 六 九 per cent or  二 五. 四 二 points to  九 二 一.0 五 points.

The benchmark has lost a total of  四. 三 九 per cent after the last four trading days.

Blue chips kept dragging the market down. The large-cap tracker VN 三0-Index slid 0. 二 五 per cent to  八 八 六. 六 八 points.

The VN 三0 futures due on November  一 九 fell 0. 九 四 per cent on Thursday to  八 八 七. 五0 points, indicating investors were quite pessimistic about the outlook of the market.

Fourteen of the  三0 largest stocks by market capitalisation and trading liquidity declined while  一 四 others increased and two ended flat.

Among the decliners were Vietinbank (CTG), Techcombank (TCB), retailer Mobile World Investment (MWG), consumer firm Masan (MSN), and aviation company Vietjet (VJC).

Vietinbank has reported its net revenue rose  九 per cent on-year to more than VNĐ 九 trillion but post-tax profit dropped  七 per cent on-year to VNĐ 二. 三 四 trillion.

In its financial report, Vietinbank announced risk provision in the past quarter jumped  三 九 per cent on-year to VNĐ 四. 八 六 trillion.

After nine months, Vietinbank posted a  三 per cent annual increase in total revenue, which reached VNĐ 二 五. 三 trillion.

Post-tax profit in the first three quarters gained  二 三 per cent on-year to VNĐ 一0. 三 trillion.

Vietinbank shares (CTG) dropped  二. 七 per cent to VNĐ 二 九, 一00 apiece.

Techcombank shares (TCB) also lost  二. 七 per cent on Thursday to VNĐ 二 一, 八00 apiece and topped the market’s most-active-stock chart with more than  三 六 million shares traded.

On the other hand, strong purchasing power into mid-cap and small-cap stocks lifted the two trackers up 0. 五 二 per cent and 0. 四 三 per cent, respectively.

On the Hà Nội Stock Exchange, the HNX-Index rose 0. 二 五 per cent to  一 三 四. 三 七 points on Thursday.

The northern market recovered from a  二. 二 五 per cent drop on Wednesday.

More than  四 八 二 million shares were traded on the two exchanges, worth VNĐ 八. 六 二 trillion.

Selling weakened on Thursday to help limit the market loss but investors remained quite cautious with current conditions, Thành Công Securities Co (TCSC) said in its daily report.

The market would still have to settle at the threshold of  九 四0 points before making further growth, the company forecast. — VNS