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VN markets mixed on continued trade worries
Vietnam News - 5/28/2019 11:18:36 AM
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Domestic markets were mixed on Monday, with the benchmark southern index rising but the northern one falling due to the continued uncertainty of regional and world markets.
 
The VN-Index on the Hồ Chí Minh Stock Exchange increased 0.53 per cent to close at 975.14 points. The index lost a total of 0.66 per cent last week.
 
The HNX-Index on the Hà Nội Stock Exchange dropped 0.33 per cent to end at 105.04 points.
 
More than 138 million shares were traded on the two local exchanges, worth VNĐ3.4 trillion (US$146 million).
 
Worries about the US-China trade war continued to cast a shadow over global markets. Investors feared the escalation of the trade war would dampen global trade and the trade conflict would “turn into a technology cold war”, Reuters said.
 
Asian stocks lingered near four-month lows on Monday. Chinese shares started Monday higher but then slumped, with the benchmark Shanghai Composite dropping by 0.3 per cent and the blue-chip CSI 300 falling 0.6 per cent. Hong Kong's Hang Seng declined 0.5 per cent.
 
Vietnamese large-caps saw wide divergence among stock groups. 
 
Masan Group (MSN), dairy firm Vinamilk (VNM), brewery Sabeco (SAB), Vietjet Air (VJC), HDBank (HDB) and Vietcombank (VCB) gained to support the VN-Index with MSN up by 1.4 per cent, VNM 2.7 per cent, SAB 1.5 per cent, VJC 0.5 per cent, HDB 1.7 per cent and VCB 1.4 per cent.
 
Bảo Việt Holdings (BVH), Coteccons Construction Joint Stock Company (CTD) and Phú Nhuận Jewelry Joint Stock Company (PNJ) all declined, limiting the market's gains. BVH fell 1.2 per cent. CTD decreased 1.04 per cent and PNJ fell 1.4 per cent.
 
Several oil and gas stocks increased such as PetroVietnam Drilling and Well Services Corporation (PVD), PetroVietnam Gas JSC (GAS) and Petrovietnam Transportation Corporation (PVT).
 
Sectors that increased included logistics, oil and gas, seafood processing, banking, real estate and food and beverages.
 
The agriculture, insurance, securities, construction and construction materials sectors reported losses.
 
According to Bảo Việt Securities Company (BVSC), the VN-Index is expected to alternate between ups and downs in upcoming sessions.
 
“After last week’s decline, the VN-Index might sit between 965 and 993 points in the short run, before sending signals to indicate what it will do next," BVSC said. "The market may recover in early sessions of the week then decline to the 960-965 support zone in the remaining sessions."
 
Cash inflows are expected to be spread out this week among textiles, real estate, industrial parks, rubber, information technology and electricity.
 
As the market is expected to remain flat in the short term, stock exposure should be limited at a maximum of 50 per cent of an investor's portfolio, BVSC recommended. Investors with high cash proportion should buy stocks at their support zones. — VNS
 
 
Read original article here
 
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