Investor caution slows trading
Investor caution slows trading
Stocks continued to climb yesterday on the HCM City Stock Exchange, propped up by blue chips, but liquidity remained modest due to cautious trading.
The benchmark VN-Index added another 0.26 per cent to close the session at 533.37 points, despite decliners almost tripling advancers.
The recovery of several large-cap stocks such as Vietcombank (VCB), VinGroup (VIC) and Bao Viet Holdings (BVH) supported the market.
Even oil and gas stocks which are being hit by volatile global oil prices made gains yesterday. The largest stock on the market PV Gas (GAS) grew 3.68 per cent while PetroVietnam Drilling and Wells Service Corp (PVD) was up 0.8 per cent.
Other blue chips declined, however, restraining the market's growth. Losers included Masan Group (MSN), Vinamilk (VNM), Saigon Securities Inc (SSI) and Vietinbank (CTG).
The VN30, which tracks the top 30 shares by market value and liquidity, sank 0.47 per cent to end at 582.45 points.
Liquidity remained modest with 105.3 million shares worth nearly VND1.79 trillion (US$83.6 million) traded, slightly higher than the previous session.
FLC Group (FLC) was again the most active stock on trading of 7.3 million shares, but it plunged over 4 per cent to settle at VND9,500.
On the Ha Noi Stock Exchange, the HNX-Index retreated in the afternoon after a positive opening, finishing the session unchanged at 81.14 points. The HNX30 ,which tracks the top 30 stocks in terms of market value, also lost 1.78 per cent to end at 155.72 points.
Market conditions were negative, with 137 stocks declining, 49 increasing and 174 closing flat.
Liquidity improved with market volume rising 40 per cent over Thursday, totalling 68.3 million shares, while trading value jumped 30 per cent to VND718.2 billion ($33.6 million).
PetroVietnam Construction Corp (PVX) continued to lead trading volume with 11.3 million shares changing hands, but the price dropped 8.9 per cent to close at VND4,100.
Foreign investors extended their buys yesterday, picking another VND134.54 billion ($6.3 million) worth of shares on the two exchanges.
According to analysts, the market trend is still unclear with ups and downs throughout the week. The market will close for four days over the New Year holiday after two more sessions, but statistics show that trading is likely be sluggish.
