Saturday, December 3 2016

VietNamNews

Selling pressure ends early gains

Update: July, 01/2015 - 09:14

On the HCM Stock Exchange, growth of large-cap shares helped sustain the VN-Index's gain of just 0.22 per cent to finish the session at 593.05 points. — Photo vneconomy

HANOI (VNS) — Market rallies slowed down towards the end of yesterday's session on growing profit-taking pressure.

On the HCM Stock Exchange, growth of large-cap shares helped sustain the VN-Index's gain of just 0.22 per cent to finish the session at 593.05 points.

Several blue chips closed in the green, including Vietcombank (VCB), VinGroup (VIC), Masan Group (MSN), Bao Viet Holdings (BVH), Phu My Fertiliser (DPM), Hoa Phat Group (HPG) and Hoang Anh Gia Lai Co (HAG). Others declined.

The VN30, which tracks the top 30 shares by market value and liquidity, inched up just 0.36 per cent to end at 622.43 points.

Overall, the market condition was negative with decliners outnumbering advancers 135-86, while 83 others closed unchanged.

Warnings of a possible bull-trap issued by securities companies in previous days seemed realistic as the growth of blue chips was used to boost demand in the morning, only for heavy selling pressure to push the market down strongly in the afternoon.

Liquidity improved over Monday. The market volume rose nearly 30 per cent to total more than 156 million shares while the value of trades climbed 20 per cent to reach VND2.63 trillion (US$120.6 million).

Property developer FLC Group (FLC) reclaimed the most active stock position with a whopping 14.6 million shares traded, but its price slid 2.3 per cent to conclude at VND8,600 a share.

On the Ha Noi Stock Exchange, the HNX-Index failed to sustain morning gains, ending the session 0.64 per cent lower at 84.94 points.

Just 89 stocks rose, 113 fell and 154 remained flat.

"Many investors decided to take short profits from banks and securities companies which advanced significantly after the Government signaled loosening of foreign ownership limits in listed companies," said analysts at FPT Securities Co.

Asia Commercial Bank (ACB) was down 1.44 per cent while brokers like VNDirect Securities Co (VND), Sai Gon-Ha Noi Securities (SHS) and IB Securities Co (VIX) plunged 5.4-6.8 per cent.

FLC Joint Venture Global Investment Co (KLF) was the leading stock here with a trade of 6.7 million shares, ending flat at VND6,900 a share.

Foreign buyers continued to collect shares on both bourses, picking up stocks worth VND457.2 billion ($21 million) yesterday. — VNS

Send Us Your Comments:

See also: