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VietNamNews

Shares narrow losses thanks to a surge in large-caps

Update: March, 27/2021 - 07:16

 

Passengers get off an aircraft of Vietjet (VJC). VJC rose 1.9 per cent on Friday. Photo Vietjet 

 HÀ NỘI - Shares narrowed losses on Friday as a surge from large-cap stocks boosted indices but the market was still shaking due to strong selling pressure.

On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index edged down 0.08 per cent to close at 1,162.21 points. 

The index had risen 0.11 per cent to end Thursday 1,163.10 points.

The market's breadth was negative as 339 stocks declined while 122 increased.

Market liquidity was still high with a trading value of more than VNĐ15.6 trillion (US675.3 million), equivalent to some 670.5 million shares traded on the southern market.

“VN-Index has kept the threshold of 1,160 points in today's session. The market corrected strongly to 1,137 points in the morning but quickly recovered back to 1,162.21 in the afternoon session,” said BIDV Securities Co.

“Such a fast rate of recovery reflects traders' bottom-fishing activity. Investment cash flow was almost unchanged from the previous session. Liquidity fell slightly and market breadth negatively reflected short-term profit-taking.

“Foreign investors turned to be net sellers on both HoSE and HNX. Although the index has kept 1,160 points, the VN-Index is still able to maintain the correction next week,” said BIDV Securities Co.

Foreign investors net sold VNĐ283.66 billion on HOSE, including Vietinbank (CTG) (VNĐ76.6 billion), Military Bank (MBB) (VNĐ81.6 billion), and Vingroup (VIC) (VNĐ61.6 billion). They were net sellers on the HNX with the value of VNĐ2.59 billion.

According to Bảo Việt Securities Co, Investors should maintain stock exposure at 35-50 per cent.

“Investors with high stock exposure can consider lowering the proportion of stocks in the recovery phases of the market.

“Investors with a cash-rich position should consider disbursing with a low proportion and give priority to existing stocks in the portfolio if the index falls to the support zone of 1,150-1,155 points,” it said.

The VN30-Index, tracking the 30 biggest stocks in market value, increased 0.22 per cent to 1,167.19 points. Nineteen of the VN30 basket rose, while 11 stocks decreased.

In the VN-30 basket, notable gainers were Vingroup (VIC), steel maker Hòa Phát Group (HPG), Vietjet (VJC) and Becamex (BCM).

Some other pillar stocks suffered from correcting pressure such as Vinhomes (VHM), Vinamilk (VNM), PetroVietnam Gas JSC (GAS), Vincom Retail (VRE) and Vietinbank (CTG).

On the Hà Nội Stock Exchange (HNX), the HNX-Index rose 1.41 per cent to close at 270.96 points.  

It had lost 0.56 per cent to end Thursday at 267.19 points.

More than 224.4 million shares were traded on the northern bourse, worth VNĐ3.5 trillion. — VNS

 

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