Profit-taking pushes markets into red
Profit-taking pushes markets into red
Shares on both exchanges continued to fall during yesterday's session.
On the HCM City Stock Exchange, the VN-Index decreased 0.86 per cent to close at 496.46 points.
The VN30, which tracks the city's top 30 shares, slid 0.8 per cent to 555.95 points.
Among the blue chips, only Becamex Infrastructure Development (IJC) and PetroVietnam Transportation (PVT) manged to add value. Five others finished the session unchanged.
Trading value on the bourse reached VND1.36 trillion (US$64.1 million), increasing 36 per cent from last Friday. Trading volume also rose to 73.7 million shares.
According to Bao Viet Securities Co analyst Nguyen Xuan Binh, the VN-Index was still testing the resistance level of 505 points. "This is a very important mark to identify the index's next trend," he said.
He suggested that after yesterday's profit-taking, investors should not buy immediately: "There are two buying positions at 490-491 points and 485-486 points."
On the Ha Noi Stock Exchange, the HNX-Index shed almost 0.7 per cent to 61.41 points.
The value of trades dropped 11.6 per cent to reach VND241.8 billion ($11.4 million) as 27.15 million shares changed hands.
The HNX30, representing the largest shares in terms of capitalisation and liquidity, also fell 0.66 per cent to 114.23 points.
After last week's buying chain, foreign investors yesterday turned to be net sellers in HCM City by nearly VND24 billion ($1.1 million). However, they remained net buyers in Ha Noi by more than VND5 billion ($235,800).
Trading this week determined not only a short-term trend but also a medium-term trend, Binh said. "Therefore, investors may want to be cautious in trading and wait for further signals."
Opportunities might appear by the end of the year, according to HCM City Securities Co's chief executive Fiachra MacCana, who predicted the VN-Index could rally to 550 points in December, increasing around 10 per cent.
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