VN-Index treads water under profit-taking pressure
VN-Index treads water under profit-taking pressure
The benchmark VN-Index trod water during Friday morning trade as investors increased profit-taking after the VN-Index reached a fresh nine-year high of 703.2 points yesterday.
Overall market breadth on the HCM Stock Exchange was negative with 131 stocks declining, 101 rising and 92 remaining unchanged.
Many large-cap stocks fell due to high selling pressure, including large banks such as Vietcombank (VCB), Vietinbank (CTG), Sacombank (STB) and real estate company VinGroup (VIC), as well as PV Gas (GAS) and IT giant FPT Corp (FPT).
On the positive side, steelmakers and fertiliser firms, such as Hoa Phat Group (HPG), Hoa Sen Group (HSG), PetroVietnam Fertiliser and Chemicals (DPM), Ca Mau Fertiliser (DCM) and Binh Dien Fertiliser (BFC), advanced thanks to positive earnings reports and a forecast of bright prospects.
Hoa Phat Group (HSG) posted total revenue of nearly VND34 trillion (US$1.5 billion) and net profit of VND6.6 trillion ($292 million) in 2016, its highest business results since its establishment.
On the Ha Noi Stock Exchange, the HNX-Index added 0.4 per cent to close at 85 points.
Liquidity was modest with just 87 million shares worth nearly VND1.64 trillion ($72.3 million) being traded on the two markets.
Afternoon trade starts at 1pm.
