Tuesday, November 21, 2017 1:44:53 PM - Markets open
VN-INDEX 929.36 +25.81/+2.86%
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VN shares sag on renewed correction fears
Source: VNS - 3/2/2017 9:59:38 AM
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Shares sank for a second day on the two exchanges, following investor fear of a market correction.

The benchmark VN-Index on the HCM Stock Exchange edged down 0.2 to close at 709.5 points, expanding the two-day loss to 1.1 per cent.

On the Hà Nội Stock Exchange, the HNX-Index decreased 0.3 per cent to end at 86.6 points. The northern index inched down 0.04 per cent on Tuesday.

Investors continued to stay away from large-cap stocks. Seventeen of the 30 largest shares by market value and liquidity in HCM City slumped, while only eight advanced.

Insurance and bank stocks were among the biggest losers: large firms such as Bảo Việt Holdings (BVH), BIDV Insurance (BIC), PVI Holdings (PVI) and lenders BIDV (BID), Vietinbank (CTG), Military Bank (MBB), Vietcombank (VCB) and Sacombank (STB) declined between 0.5 per cent and 1.9 per cent.

Insurance and bank stocks saw average decreases of 1.51 per cent and 0.72 per cent, respectively.

“The market seems to have lost its growing momentum since the VN-Index exceeded 710 points,” stock analysts at Vietnam Investment Securities Co wrote in yesterday’s report.

Blue chips and large-cap stocks treaded water; only small caps maintained the market uptrend, the report said.

On the bright side, several stocks advanced thanks to positive information.

Hòa Phát Group (HPG) climbed 2.3 per cent following the announcement that the company plans to adjust its profit target up 20 per cent to VNĐ6 trillion in 2017.

Budget airline Vietjet hit the daily limit rise of 7 per cent after its debut on Tuesday, settling at VNĐ115,500 (US$5.07) a share.

According to Bảo Việt Securities Co’s prediction, the market might experience a correction in the next sessions, through which the VN-Index would likely move around 700-705 points.

Liquidity improved with a total of 277.2 million shares worth a combined VNĐ4.1 trillion ($180 million) being traded in the two markets, up 12 per cent in volume and 8 per cent in value compared to the previous session.

Foreign investors were net sellers in HCM City’s market for a tiny value of VNĐ1.2 billion, but they extended their net buying streak to six consecutive sessions on the Hà Nội’s exchange with a net value of VNĐ6.4 billion.

Vinamilk (VNM) continued to top their top buy list with a net value of VNĐ40.3 billion, following FLC Faros Construction Corp (ROS) with nearly VNĐ30 billion.

Read more at http://vietnamnews.vn/economy/372116/vn-shares-sag-on-renewed-correction-fears.html#wiHdrvSzXyRXkD2D.99
Newer News
28/04 Stocks recover on global moves
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25/04 Caution pulls down blue chips
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19/04 Sabeco reports gains, urges additional divestment
19/04 Bargain hunting boosts local stocks
18/04 Stocks fall on investor worries
14/04 VN-Index steps back on correction fear
13/04 Market corrects on profit-taking
Older News
28/02 Shares up on investor confidence
27/02 Stock reports contest launched
24/02 VN stocks fall on correction pressure
23/02 VN-Index rises but investors worried
22/02 Shares advance for second day
22/02 FPT Securities to remove foreign-ownership limitations
20/02 VN Index to stay in 700-710 point range
16/02 With Vietjet on deck, 2017 airline stocks could soar
16/02 VN Index up for fourth day running
15/02 Mid-cap stocks lift VN Index
 
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