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Shares recover as cash pushes large-caps up
Vietnam News - 6/29/2019 12:48:54 PM
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Shares rebounded yesterday on improved liquidity as cash poured into a series of blue-chips, lifting up indexes.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange climbed 0.72 per cent to close at 949.94 points.
 
Liquidity was improved with about 183 million shares traded on the southern bourse worth VNĐ4.6 trillion (US$195 million).
 
The index lost 1.67 per cent to close Thursday at 943.11 points.
 
In the last minutes of the trading session, cash was suddenly poured into large-cap stocks such as the construction conglomerate Cotec Construction Joint Stock Company (CTD), giant steel maker Hòa Phát Group (HPG), budget carrier Vietjet Air (VJC), construction firm Vinhomes (VHM), Vietcombank (VCB), HDBank (HDB) and Mobile World Group (MWG).
 
Closing the session, CTD soared 4.8 per cent, VJC rose 2.8 per cent to VNĐ128,000 per share, VHM increased by 2.3 per cent to VNĐ79,300 per share, HPG was up 4.2 per cent to VNĐ23,500 per share and VCB climbed by 1.4 per cent to VNĐ70,500 per share.
 
On the opposite side, other pillar stocks such as Vietinbank (CTG), PetroVietnam Gas JSC (GAS) and Vietnam National Petroleum Group (PLX) declined, weighing on the market.
 
CTG plunged 5.6 per cent to VNĐ19,500 per share, GAS dropped 0.5 per cent to VNĐ97,500 per share despite a strong increase during the session and PLX fell 3.9 per cent to VNĐ59,500 per share.
 
On a sector basis, bank, securities, and oil and gas dropped, respectively by 2.05 per cent, 2.16 per cent and 4.59 per cent.
 
Retail stocks saw the largest increase of 2.43 per cent. Healthcare, insurance, real estate, and tourism stocks also gained, respectively by 2.12 per cent, 1.2 per cent, 0.82 per cent and 0.61 per cent.
 
The large-cap VN30-Index rose 1.15 per cent to end Friday at  864.24 points.
 
Performance was slanted with only 25 gainers, four decliners and one flat stock.
 
On the Hà Nội Stock Exchange, the HNX-Index was up 0.53 per cent to end at 103.51 points.
 
Nearly 47.5 million shares were exchanged on the northern market, worth VNĐ424 billion.
 
According to Bảo Việt Securities Company, the VN-Index is forecast to face decline pressure next week. However, recovery signals towards the market close today and the expectation of the meeting between the American and Chinese presidents at the G20 meeting in Osaka, Japan this weekend could support investors’ sentiments early next week.
 
“We leave open the possibility that the index will reverse direction in this resistance zone and drop to support zone 930-940 points before sending clearer signals of upcoming trend,” BVSC said in its report.
 
Stock exposure should be limited at 25 per cent-30 per cent of the portfolio in this wild fluctuation of the market.
 
Investors should hold off on buying stocks at a high price. Investors with high stock proportion should take advantage of the market’s increase to lower stock exposure for short-term positions in the portfolio, the company said. — VNS
 
 
Read original article here
 
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