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VN-Index falls due to lack of support

Update: December, 25/2019 - 07:33

 

 

A construction by the construction conglomerate Cotec Construction JSC (CTD). CTD was the worst performer in the VN-30 basket. It plummeted 4.5 per cent to VNĐ53,100 per share. Photo baomoi.com

 

HÀ NỘI — The VN-Index failed to maintain its rally yesterday due to the absence of supporting information at the end of the year.

The benchmark index on the Hồ Chí Minh Stock Exchange (HOSE) edged down 0.06 per cent to close yesterday at 958.88 points.

Nearly 229.7 million shares were traded on the southern bourse, worth VNĐ4.2 trillion (US$181.2 million).

The southern market index had gained 0.32 per cent to close Monday at 959.43 points.

The VN30-Index increased yesterday by 0.19 per cent to end at 869.88 points.

In the VN30 basket, 15 of the 30 largest stocks by market capitalisation and trading liquidity increased while twelve declined.

Across the southern exchange, there were 142 gainers and 177 decliners.

The construction conglomerate Cotec Construction JSC (CTD) was the worst performer in the VN-30 basket on Tuesday. CTD plummeted 4.5 per cent to VNĐ53,100 per share.

Other large-caps also fell, including Vietcombank (VCB) (-1 per cent), Bảo Việt Holdings (BVH) (-3.3 per cent), Sabeco (SAB) (-0.7 per cent), Military Bank (MBB) (-1.4 per cent), Vingroup (VIC) (-0.2 per cent) and Techcombank (TCB) (-0.4 per cent).

According to BIDV Securities Company, with the absence of supporting information at the end of the year, the VN-Index will mainly hover around 950 - 960 points. In that case, investors can consider stocks with good fundamentals and positive earnings results in 2019 to open positions.

Bảo Việt Securities Co (BVSC) forecast that the VN-Index will rebound toward resistance zone 960.7-961.5 points during the next session. The index needs to penetrate through this resistance zone to confirm its recovery toward 969-970 points.

“The market will continuously experience a wild divergence among stock sectors. Large-cap VN-30 stocks are currently at their strong support zone, therefore, these stocks are expected to recover strongly in the future, especially in early 2020,” BVSC said.

Foreign investors net bought VNĐ80.19 billion on the HOSE, including E1VFVN30 (VNĐ60.57 billion), Vinamilk (VNM) (VNĐ31.55 billion) and Hòa Phát Group (HPG) (VNĐ12.59 billion). They were net sellers on the HNX with a value of VNĐ2.76 billion.

On the Hà Nội Stock Exchange, the HNX-Index climbed 0.10 per cent to end at 102.45 points.

Nearly 24.8 million shares were traded on the northern market, worth VNĐ242.5 billion. — VNS

 

 

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