|A Mobile World Group (MWG) staff speaks to customers. MWG lost 2.4 per cent yesterday. Photo courtesy of Mobile World Group|
HÀ NỘI — Việt Nam’s stock market continued to experience volatility this week as the VN-Index concluded yesterday down after a brief recovery in the previous session.
On the Hồ Chí Minh Stock Exchange, the VN-Index decreased 0.69 per cent to close at 1,210.55 points. It rose 1.12 per cent on Tuesday after witnessing a decline of 2.3 per cent on Monday.
The market condition was negative as the number of losers overwhelmed the gainers by 309-140 while another 123 closed flat.
Liquidity also dropped to a two-month low with nearly 392 million shares worth VNĐ9.8 trillion (US$417 million) traded. The trading volume and value declined from the start of the week with decreases of nearly 40 per cent in both volume and value compared to Monday’s levels.
Only six out of 25 sectors gained value while 19 registered losses, of which retail, banking and financial group, seafood processing industry and telecommunications and information technology were the biggest losers with an average loss of more than 1 per cent.
The top 10 shares dragging the market most included Vingroup (VIC), Vinhomes (VHM), Mobile World Investment (MWG), VPBank (VPB), Vietinbank (CTG), BIDV (BID), Techcombank (TCB), Masan Group (MSN), Vietcombank (VCB) and Khang Điền House Trading and Investment (KDH).
On the bright side, the recovery of Vinamilk (VNM) cushioned the market's fall. The largest-listed dairy firm increased 1.5 per cent.
According to Viet Dragon Securities Co (VDSC), the market temporarily halted being under intense selling pressure at the support level of 1,190- 1,200 points of the VN-Index and thereby helped the index recover.
“However, it is a technical rescue after a series of days of profound decline, and there is hardly a good chance to exit the position,” said Phương Phạm, VDSC’s market analyst.
Phương said the market may regain, but there would be more vigorous shaking when the VN-Index faces the resistance area of 1,227-1,230 points. Therefore, “investors should take advantage of the recovery to restructure the portfolio minimising risks and keeping the safe proportion."
On the Hà Nội Stock Exchange, the HNX-Index also decreased 0.68 per cent to end at 265.09 points.
Liquidity also slipped here but not much. More than 46 million shares worth VNĐ1 trillion were exchanged, down 20 per cent in volume and 10 per cent in value compared to Tuesday’s levels.
Trading by foreign investors was mixed. They remained net sellers in HCM City’s market with a net sell value of VNĐ122 billion, while they remained net buyers in Hà Nội’s exchange for a value of VNĐ9.3 billion. — VNS