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Rally ends after earnings season comes to a close

HÀ NỘI — Vietnamese shares retreated from an eight-day rally yesterday as investors looked to sell after the earnings season ended.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange lost 0. 五 七 per cent to  九 三 九.0 三 points after having gained as much as 0. 四 per cent during the day.

The VN-Index put an end to its eight-session rally, in which it made a total gain of  二. 七 八 per cent between October  九 and October  二0.

The growth of the index slowed in the previous three days.

All three indices tracking stocks by market capitalisation declined on Wednesday.

The large-cap tracker VN 三0-Index fell 0. 三 七 per cent to  九0 六. 一0 points. On Wednesday, the VN 三0 futures due on November  一 九 was down 0. 二 九 per cent to  九0 八. 五0 points.

The mid-cap and small-cap trackers tumbled  一. 二 四 per cent and 0. 六 八 per cent, respectively.

The market was dragged by financial-banking stocks after some large-cap firms in the sector released third-quarter earnings reports.

Vietcombank (VCB) lost  一. 七 per cent, Vietinbank (CTG) plunged  三. 三 per cent, insurer Bảo Việt Holdings (BVH) tumbled  三. 七 per cent and TPBank (TPB) declined by  二. 五 per cent.

The four largest securities firms SSI Securities (SSI), HCM City Securities (HCM), VNDirect Securities (VND) and VietCapital Securities (VCI) all declined.

In the third-quarter financial report, Vietcombank said post-tax profit fell a fifth year-on-year to nearly VNĐ 四 trillion and total bad debt rose  三 六 per cent in nine months to nearly VNĐ 七. 九 trillion.

TPBank reported post-tax profit gained  二 六 per cent year-on-year to VNĐ 七 九 二 billion, but total bad debt increased by  六0 per cent after nine months.

Among the four brokerage companies, only VietCapital Securities recorded a decline in third-quarter earnings. The firm earned VNĐ 九 五. 五 billion in post-tax profit in July-September, down  三 七 per cent year-on-year.

Other sectors that also were hit by increased selling included technology, retail, mining and energy, seafood processing, agriculture-aquaculture-forestry and materials.

The market declined as blue chips suffered from the increase of profit-taking, Thành Công Securities (TCSC) said in its daily report.

“The VN-Index really struggled with the  九 四 五-point level,” TCSC said. “The decline may extend in coming days and stocks will be divided on their third-quarter earnings.”

But liquidity being lower than the  二0-day average indicated the pressure was not too harsh on local stocks, Sài Gòn-Hà Nội Securities (SHS) said in a note.

“What pushed the market down was profit-taking as the market has nearly reached the pre-pandemic level,” SHS said.

The closest support level for the market now is  九 二 五 points, the two companies forecast.

On the Hà Nội Stock Exchange, the HNX-Index slid 0. 二 五 per cent to  一 三 九. 九 八 points.

The northern market index has decreased by a total of 0. 六 五 per cent in the last two days. — VNS