 Steel and realty carry HCM Exchange
Vietnam News - 1/6/2017 9:55:22 AM
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Shares were mixed on Thursday as investors began to display caution after several consecutive rising sessions. Steel and property shares supported the VN-Index, while market breadth was negative.
On the HCM Stock Exchange, the VN-Index inched up 0.2 per cent to close at 675.8 points. The gauge rose 1.7 per cent following four consecutive rising sessions since December 28.
On the Hà Nội Stock Exchange, the HNX-Index edged down 0.3 per cent to 81.3 points.
The index gained 3.4 per cent in five rising sessions since December 27.
“Despite modest gains, the VN-Index has shown initial signs of weakness, with a growing number of falling shares, low liquidity and volatility of large-cap stocks,” analysts at BIDV Securities Co wrote in a report.
According to the report, the VN-Index is nearing the "resistance" level of 675 points and will likely experience a downward correction in the next session.
Steel and property stocks rose on Thursday and rescued the index when the number of losing stocks outnumbered the gaining ones by 133-117 and another 72 closed flat on the HCM Stock Exchange.
Hòa Phát Group and Hoa Sen Group (HSG), the two biggest listed steelmaking companies, gained value, while big realty firms like Tân Tạo Investment and Industry (ITA), Kinh Bắc City Development (KBC), FLC Group (FLC) and Sài Gòn Thương Tín Real Estate (SCR), topped the most heavily-traded stock list.
Only FLC edged down 0.2 per cent; another four real estate companies climbed between 1.2 per cent and 5.3 per cent.
According to analysts, the real estate market was positive in 2016, but realty stocks remained almost flat and were cheap, giving them room to rise this year. Most were traded below VNĐ10,000 per share.
However, other large-cap stocks slumped on Thursday and restrained the market, including Vinamilk (VNM), BIDV (BID), Masan Group (MSN), Military Bank (MBB) and FPT Corp (FPT).
Liquidity dropped slightly with nearly 127 million shares worth a combined VNĐ2.3 trillion (US$101.3 million) traded in the two markets.
Foreign investors were net buyers in the two markets for three consecutive days, but their net buy values decreased from VNĐ117 billion on Wednesday to just nearly VNĐ29 billion on Thursday.
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