Wednesday, January 29, 2020 10:15:35 AM - Markets open
VN-INDEX 991.46 +5.09/+0.52%
HNX-INDEX 106.28 +0.69/+0.65%
UPCOM-INDEX 56.22 +0.26/+0.47%
Shares slow down as banks lose steam
Vietnam News - 7/25/2019 1:14:59 PM
 (0 ratings. You must sign in to rate.)
Shares slumped on Wednesday as selling pressure hit banking-financial stocks strongly during the trading session.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange lost 0.11 per cent to close at 988.41 points.
 
Nearly 170 million shares were traded on the southern bourse, worth VNĐ4.2 trillion (US$181 million).
 
The index had risen 0.76 per cent to close Tuesday at 989.46 points.
 
According to Bảo Việt Securites Company, the VN-Index is forecast to face volatility and correction pressure at the resistance zone 992- 993 points in the remaining sessions of the week.
 
However, the market’s short-term uptrend is expected to head towards the strong resistance zone around 1,000 points in the short term with support from foreign investors’ net buying activities.
 
Foreign investors were the net buyers for the seventh consecutive session on HoSE with almost VNĐ248 billion.
 
The large-cap VN30-Index was down 0.10 per cent to 887.39 points. Eighteen of the 30 largest stocks by market capitalisation ended the morning on a negative note.
 
Banking and securities stocks dropped strongly and put pressure on the general market. Vietcombank (VCB) plunged 2.5 per cent to VNĐ76,900 per share. Bank for Investment and Development (BID) decreased by 2.3 per cent to VNĐ34,450 per share. Vietinbank (CTG) lost by 1.8 per cent to VNĐ21,250 per share. Hồ Chí Minh City Securities Corporation (HCM) fell 2.8 per cent to VNĐ22,350 per share.
 
On the positive side, real estate stocks were darlings of the market, gaining 0.87 per cent, thanks to Vingroup (VIC) (1.8 per cent), Nam Long Investment Corporation (NLG) (1.7 per cent), Hà Đô Group (HDG) (0.7 per cent) and Kinh Bắc City Group (KBC) (0.7 per cent).
 
Large-caps like Vinamilk (VNM), Vietjet Air (VJC), Vincom Retail (VRE), Sabeco (SAB), Việt Nam National Petroleum Group (PLX), Masan Group (MSN) and Bảo Việt Holdings (BVH) still maintained their rallies, helping narrow the decline of the general market.
 
According to Bảo Việt Securities Company, Q2 financial reports being published soon will continue to cause a wide divergence among sectors.
 
Bank stocks are expected to recover in several sessions. Large-cap stocks, including Vingroup (VIC), Vietjet Air (VJC), Vincom Retail (VRE), FPT Corporation (FPT) and Novaland (NVL) will continuously dominate the index and influence the market in several sessions, the company said.
 
Oil and gas stocks are sending positive signals of recovery and increasing in several sessions.
 
Stock exposure should be maintained at 50-60 per cent of the portfolio. Investors with high stock proportion may consider selling stocks at the 990-995-point zone. Investors should take advantage of market corrections to raise proportion of short-term positions, focusing on blue-chip and large-cap stocks and stocks with positive Q2 business results.
 
On the Hà Nội Stock Exchange, the HNX-Index lost 0.25 per cent to end at 106.44 points on Tuesday.
 
More than 36 million shares were exchanged on the northern bourse, worth VNĐ480 billion.
 
The index had lost 0.05 per cent to end at 106.71 points on Tuesday. — VNS
 
 
Read original article here
 
Newer News
27/01 Share prices of dairy industry see slight increase in 2019
26/01 Industry 4.0 brings big changes for stock market
25/01 VN stocks advance for third day
18/01 Firms ask for delay financial statements release
17/01 VN stocks advance for third day
15/01 Stocks rebound but short-term outlook gloomy
14/01 VN stocks decline as holidays approach
10/01 Fewer investors open new trading accounts in 2019
09/01 Shares retreat as US-Iran conflict hits sentiment
08/01 Foreign investors interested in Vietnamese stock market
Older News
24/07 Shares recover thanks to 'Vin' stocks
23/07 State-owned blue chips not suitable for covered warrant trading
23/07 Selling pressure sends stocks down
21/07 VN stocks to struggle amid mixed corporate earnings
19/07 VN stocks fall, mounting sell pressure hits large-caps
16/07 HOSE releases updates for VN30 basket
15/07 Calls for insider traders to be dealt with criminally
12/07 Shares extend rally on credit growth limit relaxation
11/07 Shares advance for second day on foreign buying
10/07 Deutsche Bank's restructuring not expected to harm VN market
 
Newsletter Signup
Top Stories
Industry 4.0 brings big changes for stock market
Reference exchange rate up 1 VND on January 17
Reference exchange rate up 1 VND on January 15
Reference exchange rate up 8 VND on January 9
Vietnam’s GDP to ease slightly in 2020: Fitch Solutions
Market Update
Last updated at 3:10:04 PM
VN-INDEX 991.46 +5.09/+0.52%
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.