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Shares edge down on rising prudence
Source: VNS - 3/3/2017 9:06:45 AM
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Shares edged lower on the two exchanges on Thursday on rising prudence as investors found current valuations no longer attractive.

On the HCM Stock Exchange, the VN-Index sagged for a third day with a loss of 0.3 per cent to close at 707.5 points. The southern index has declined 1.4 per cent in the last three trades.

On the Hà Nội Stock Exchange, the HNX-Index decreased marginally to 86.6 points by the end of the sessions. The northern market index dropped 0.4 per cent in the past three days.

Large-cap stocks slumped with 18 of the 30 largest shares by market value and liquidity on the main bourse in HCM City losing value, while only eight advanced.

Losers included the biggest stocks in major stock groups like dairy giant Vinamilk (VNM), Vietcombank (VCB), BIDV (BID), Vietinbank (CTG), PV Gas (GAS), private equity Masan Group (MSN), insurer Bảo Việt Holdings (BVH), Saigon Securities Inc (SSI) and IT group FPT (FPT).

“Excitement on the market has waned after the earnings report season. Current information is not supportive enough to boost the market,” analysts at FPT Securities Co wrote in a market report.

According to the report, current valuations on the stock market are not appealing enough to attract new investors, though the VN-Index has retreated to the strong support area of 705 points.

On the bright side, budget airline Vietjet (VJC) hit the one-day limit rise of 7 per cent for a third day, settling at VNĐ123,500 (US$5.42) per share. The share price has gained 37.2 per cent after its debut on Tuesday.

Steelmaker Hòa Phát Group (HPG) also rose for a second day with a combined rise of 4.9 per cent after the company said it would raise profit targets by 20 per cent in 2017 to VNĐ6 trillion.

These two shares also topped the most-bought list of foreign investors on Thursday with net values of VNĐ143.4 billion and VNĐ26.3 billion, respectively.

Property stocks continued to attract investments. FLC Group (FLC), Tasco (HUT), Novaland Investment (NVL), Hoàng Quân Consulting-Trading-Service Real Estate (HQC), Kinh Bắc City Development (KBC) and Khang Điền Housing Development (KDH) were among the most heavily traded stocks on the two exchanges.

“Money is focusing on small- and mid-cap stocks. Volatility in the last two sessions is exposing high risks to the market,” analysts at BIDV Securities Co wrote in a note, predicting the VN-Index would fluctuate around 710 points.

Foreign investors were net buyers in HCM City’s market for a net value of about VNĐ125 billion, but they were net sellers on Hà Nội’s bourse for VNĐ2.3 billion.

Newer News
09:13 VN stocks soar on bargain hunting
20/04 VN-Index drops 43.9 points due to selling pressure
19/04 VN stocks fall on investor caution
18/04 VN-Index bounces back, exceeding 1,150 points
17/04 VN-Index pulled down by large-cap stocks
16/04 Vietnam’s securities market may get ‘emerging status’
14/04 Shares dragged down by blue-chips
13/04 Shares recover after two-day decline
13/04 HNX, MOEX to cooperate in capital market development
12/04 Stocks endure another strong selloff
Older News
02/03 VN shares sag on renewed correction fears
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
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