Earnings data fails to impress
Earnings data fails to impress
Investors remained cautious October 18 as companies continued to publish third-quarter earnings, with many top companies either disappointing profit expectations or posting losses, FPT Securities Co analysts wrote yesterday in a note.
 |
 |
| Source: VietstockFinance |
"The market is moving sideways, and the trend has been maintained for several months," they said. "We still keep a cautious view and recommend investors to hold a high ratio of cash since the market has yet to show signs of recovery," they wrote.
Bao Viet Securities Co analyst Nguyen Xuan Binh commented that third-quarter earnings would be unlikely to have a significant impact on the overall market trend as much of the data was already reflected in stock prices.
"However, in the short-term, this factor could produce a differentiation among stocks and cause indices to continue fluctuations," Binh said.
Driven mostly by blue chips, the VN-Index made slight gains yesterday, closing up by 0.38 per cent over the previous day to 398.51 points.
Trading on the HCM City Stock Exchange was sluggish, as both the volume and value of trades plunged to about half of the previous session. The value of trades was just VND450 billion (US$21.4 million) on a volume of 35 million shares.
Among the southern bourse's 30 leading shares, Tan Tao Investment Industry (ITA) and Kinh Bac City Development (KBC) rose to the ceiling, while dairy giant Vinamilk (VNM), Vietinbank (CTG), PetroVietnam Finance (PVF) and steelmaker Hoa Phat Group (HPG) all saw gains of 1.2-2.6 per cent. Overall, the VN30 Index closed up by 0.55 per cent to 471.96.
ITA was also the most-active stock yesterday, with over 7 million shares changing hands, closing at the ceiling price of VND4,900 each.
On the Ha Noi Stock Exchange, shares declined in the afternoon session, and the HNX-Index lost 0.2 per cent to finish the session at 55.82 points. The value of trades reached only VND207.2 billion ($10 million) on a value of 30.4 million shares.
vietnamnews
