Thursday, November 22, 2018 1:04:26 AM - Markets open
VN-INDEX 922.56 +3.54/+0.39%
HNX-INDEX 103.90 -0.01/-0.01%
UPCOM-INDEX 52.06 +0.00/+0.00%
Profit-taking drags stocks down
thanhnienviet.vn - 8/10/2018 10:06:41 AM
 (0 ratings. You must sign in to rate.)
Vietnamese shares fell on Thursday as strong selling pressure weighed down large-cap stocks and listed firms suffered from negative news of the macro-economy.
 
The benchmark VN-Index on the HCM Stock Exchange dropped 0.29 per cent to close at 963.50 points, retreating from a nearly one per cent increase made on Wednesday.
 
The HNX Index on the Hà Nội Stock Exchange narrowed its gain form as much as 1.1 per cent to 0.12 per cent to end the session at 107.80 points. The northern market index has risen total 2.1 per cent in the last three days.
 
More than 207.8 million shares were traded on the two local exchanges, worth VNĐ4.9 trillion (US$217 million).
 
The trading figures were up 3.6 per cent in volume and 14.6 per cent in value compared to Wednesday.
 
The decline of the stock market on Thursday was mostly due to the “profit-taking of the investors who invested in the bottom as well as loss cutting of those who invested in the last few months,” BIDV Securities JSC (BSC) said in its daily report.
 
The three key industries – real estate, energy and banking – were the major factors to weigh down the overall performance of the market.
 
Those sector indices fell between 0.7 per cent and 3.3 per cent, data on vietstock.vn showed.
 
Bank stocks were hit by profit taking. Bank for Investment and Development of Việt Nam (BID) dropped 1.2 per cent after having made a four-day rally of total 11.4 per cent.
 
Others such as Vietcombank (VCB), Techcombank (TCB) and MBBank (MBB) also ended in negative territory.
 
Energy stocks headed down following a slump of oil prices on Wednesday night. Brent crude lost 3.2 per cent to finish Wednesday at $72.28 a barrel.
 
Among energy stocks that suffered from the drop in oil prices were PetroVietnam Technical Services (PVS), PetroVietnam Coating Corp (PVB), and PetroVietnam Drilling and Well Services (PVD).
 
Property developers such as Vingroup (VIC), Vincom Retail (VRE), HCM City Infrastructure Investment JSC (CII) and FLC Group (FLC) might be affected by a stronger determination of the State Bank of Việt Nam (SBV) to tighten credit growth in the remaining months of the year.
 
“This is bad news for the stock market as monetary policy orientation of the SBV has been closely correlated with money flows running into the stock market,” Bảo Việt Securities JSC (BVSC) said in its report.
 
On the opposite side, insurance companies, brokerages, information and technology firms, and food and beverage producers were among those that supported the market.
 
Positive outlook would continue for local stocks in coming sessions as cash flow increased despite the market’s decline, Sài Gòn-Hà Nội Securities JSC (SHS) said.
 
Thursday’s fall was seen as a technical correction of the market, not a sign of the market starting its downtrend, SHS said, adding that the market may continue rising to 970 points in coming sessions. — VNS
 
Read original article here
Newer News
19/11 Market short-term outlook remains negative
15/11 New securities law sparks concerns from expert
08/11 New securities law is a better fit
23/10 Technology continues to attract investment
22/10 Corporate earnings could boost market morale
18/10 Real estate stocks might peak in first half of 2019
15/10 Bull trap doesn’t mean stable rally: analysts
13/10 Viet Nam shares recover after sharp global falls
09/10 VN-Index breaks 1,000 point level again
04/10 Reference exchange rate continues to rise
Older News
09/08 Rising oil prices boost markets
08/08 VN-Index slides on technical correction
07/08 VN-Index witnesses slight recovery on week’s beginning
04/08 Vietnam stocks progress on real estate
03/08 VN stocks rebound on bottom-fishing
03/08 HNX sells 15.77 trillion VND worth of bonds in July
02/08 HCMC stocks end 4-day rally
01/08 Shares rise in HCMC, fall in HN
31/07 VN-Index rises, but liquidity remains low
27/07 Stocks rebound on late buys
 
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 3:11:17 PM
VN-INDEX 922.56 +3.54/+0.39%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.