Tuesday, November 21 2017

VietNamNews

Shares lose rising momentum as sentiment remains glum

Update: May, 09/2013 - 09:35
Staff of the Ha Noi Stock Exchange handle orders. National stock indices tumbled on both exchanges yesterday. — VNA/VNS Photo Tuan Anh
HA NOI (VNS)— Trading became more active in the afternoon session but was not enough to rescue the VN-Index from another fall yesterday.

On the HCM City Stock Exchange, the VN-Index lost another 0.11 per cent to close yesterday's session at 485.07 points.

The value of trades jumped 28 per cent over Tuesday's level, totalling over VND1.16 trillion (US$55.4 million). However, trading via negotiations accounted for 52 per cent of the total market value, reaching VND609 billion ($29 million).

Negotiations were concentrated on blue chips with 18.7 million shares of Eximbank (EIB), worth VND295 billion ($14 million), exchanged. PetroVietnam General Services (PET) followed with 3.3 million shares worth VND56 billion ($2.7 million) changing hands, after which came Masan Group (MSN) with 1.66 million shares worth VND180 billion ($8.6 million).

The VN30, tracking the top 30 shares by market capitalisation and liquidity, rose by 0.03 per cent to close at 549.74 points.

Tan Tao Investment Industry (ITA) was still the most active code on the southern exchange on total trades of nearly 3 million shares, but declined 4.35 per cent to close at VND6,600 a share.

After a strong rally early this week, the market slumped in the last two days. The decline was foreseeable as a large number of stocks had to re-test strong resistance zones, but the high selling pressure across the board showed investors' doubtful sentiment, wrote Nguyen Xuan Binh, an analyst at Bao Viet Securities Co.

While slight recovery and divergence were likely to occur in the next few sessions as listed companies continued to announce their first-quarter earnings results, "the impact of that information on the market [would] be insignificant," the analyst said.

"Without new movements, the market is unlikely to enter a new uptrend," he stressed.

Meanwhile, the HNX-Index on the Ha Noi Stock Exchange sank into the red for most of the trading time, losing 0.76 per cent to close at 60.08 points.

Trading was still sluggish in the afternoon, totalling 32 million shares worth more than VND227.7 billion ($10.8 million).

Trading on speculative stocks continued to dominate the market. PetroVietnam Construction (PVX) topped the list with 5.66 million shares changing hands, followed by Sacomreal (SCR) with 4.27 million shares and Sai Gon-Ha Noi Bank (SHB) with over 4 million shares. However, all of them declined in value from 1.5-4 per cent.

Foreign investors actively participated in the market as well yesterday, picking up a combined VND296.6 billion ($14 million) worth of shares on both exchanges. — VNS


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