|Ha Noi Stock Exchange staff at work. Shares managed to rebound last week but investors remained cautious during all trading sessions. — VNS Photo Thai Ha
HA NOI (VNS) — Shares managed to rebound last week but investors remained cautious during all trading sessions.
The market witnessed profit booking during the two last trading days after the benchmark indices rebounded from the tumble they had taken for two weeks straight.
The VN-Index on the HCM City Stock Exchange rose by 2.26 per cent to close last week at 541.49 points, while the HNX-Index on the capital city's bourse added 3.14 per cent to close at 74.58 points.
The trading volume and value improved slightly over the previous week. On the southern bourse, the trading volume averaged 106 million shares, worth an average of VND1.46 trillion or US$69.5 million. The average figures on the Ha Noi Exchange were 71 million shares and VND584 billion or $27.8 million respectively.
Boosted by the active speculative stocks of securities, construction and real estate sectors, and the gains coming from large-cap stocks such as Vingroup (VIC), Vietcombank (VCB), Hoa Phat Group (HPG), Vinamilk (VNM) and Masan Group (MSN), the VN-Index rose for three consecutive days before tumbling on the two last trading days as profit-booking took place.
As investors' confidence was consolidated through the return of speculative capital inflow and the net buying of the foreign investors, the market was less impacted by news about the East Sea tensions and the reopened trial of Nguyen Duc Kien, former vice chairman of the founding council of the Asia Commercial Bank (ACB) for his alleged massive economic violations.
Profit-booking activities soared on the two last trading days of the week, dragging down the benchmark indices slightly. Sell-offs occurred on the speculative stocks of the securities, real estate and construction sectors after these stocks witnessed strong gains in the previous trading sessions.
The HCM City-listed FLC Group (FLC) posted a strong gain of 23.8 per cent last week and was on the list of top stocks by trading volumes.
According to FPT Securities, the market will face difficulties in the coming trading sessions as the benchmark indices are approaching the sensitive resistance band.
The companies said investors should be cautious and consider selling stocks for profits, especially speculative stocks.
Foreign investors continued to be net buyers in the market last week with a total net purchase of VND407 billion or $19.3 million worth of shares (excluding extraordinary transactions). This was a major reason for the market's rebound last week.
The PetroVietnam Gas Corporation (GAS), the Hoa Phat Group (HPG) and Bao Viet Holdings (BVH) were the most heavily-bought stocks by foreign investors. — VNS