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Shares subdued as market shakes
Vietnam News - 10/16/2019 1:14:39 PM
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Weak support of banking stocks could not rescue shares from falling on Tuesday afternoon, causing the two indexes to struggle during the session.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange slid 0.05 per cent to end Tuesday at 993.05 points.
 
Some 180 million shares worth more than VNĐ4 trillion (US$171 million) were traded on the southern market.
 
The VN-Index rose 0.17 per cent to close Monday at 993.57 points.
 
Many large-caps were strongly hit as selling pressure increased, including Vinhomes (VHM) (-1.7 per cent), PetroVietnam Gas JSC (GAS) (-0.8 per cent), Sabeco (SAB) (-0.7 per cent), Vinamilk (VNM) (-0.2 per cent), Bảo Việt Holdings (BVH) (-0.6 per cent), Hoà Phát Group (HPG) (-0.5 per cent), FPT Corporation (FPT) (-0.5 per cent) and Military Bank (MBB) (-0.4 per cent).
 
However, the rally of Mobile World Group (MWG), Vincom Retail (VRE), Vietjet Air (VJC), Masan Group (MSN), Vingroup (VIC), Bank for Investment and Development (BID), Vietcombank (VCB), VPBank (VPB) and Techcombank (TCB) helped narrowed indexes’ lost.
 
FLC Faros Construction Joint Stock Company (ROS) on Tuesday continued to attract cash flow and increased significantly after the information that Bamboo Airway might list shares on the stock market in 2020. ROS hit the daily limit rise of 7 per cent for two straight sessions.
 
Twelve of the top 30 shares by market value and liquidity gained value and 15 lost. The other three remained unchanged.
 
By sector, insurance, securities, oil and gas, healthcare, agriculture, information and technology, seafood processing, and construction material were the losers.
 
Those sectors lost between 0.29 and 1 per cent.
 
On the Hà Nội Stock Exchange, the HNX-Index dropped 0.03 per cent to end Tuesday at 106.01 points.
 
Some 31 million shares worth VNĐ476 billion were exchanged.
 
The HNX-Index rose 0.74 per cent to end Monday at 106.05 points.
 
Foreign investors net sold VNĐ159.13 billion on the HOSE, including Vingroup (VIC) (VNĐ83.28 billion), Vinamilk (VNM) (VNĐ36.94 billion) and Hoà Phát Group (HPG) (VNĐ26.78 billion). Foreigners were net buyers on the HNX with a value of VNĐ139.22 billion.
 
According to BIDV Securities Co (BSC), the market had a gloomy session when foreign investors returned to strong net selling on the HOSE.
 
“The excitement from the US-China agreement has been replaced by concerns that the Chinese side wants to negotiate more before officially signing,” BSC said.
 
Bảo Việt Securities Co (BVSC) forecast that VN-Index will continuously fluctuate with alternative ups and downs in a trading range between 980-983 points and 998-1004 points.
 
“The market will continuously experience a wide divergence among stock sectors, depending on Q3 business results. We forecast that the following sectors will achieve positive profit in Q3, including banks, retail sales, real estate, electricity, natural rubber, and tyre rubber. Investors with high cash proportion should buy these stocks at their corrections,” BVSC said. — VNS
 
 
Read original article here
 
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