VN Index narrows loss on bargain hunting
VN Index narrows loss on bargain hunting
Viet Nam’s benchmark VN-Index fell slightly on Tuesday, covering part of losses made in intraday trading as investors hunted for low-priced stocks.
The VN-Index on the HCM Stock Exchange finished Tuesday at 805.35 points, recovering from its intraday-low of 801.66 points.
The benchmark index was almost unchanged from the previous session’s end level of 805.58 points. It fell nearly 0.2 per cent on Monday.
Market trading liquidity showed signs of improvement with more than 171 million shares traded, worth VND3.65 trillion (US$162.4 million).
Tuesday’s trading figures were up 14.7 per cent in trading volume and 10 per cent in trading value compared to the previous session.
According to Sai Gon-Ha Noi Securities Company (SHS), the VN-Index fell slightly on Tuesday as investors began to hunt for declining stocks when the index was around the supporting level of 802 points.
SHS said in its daily report that rising market liquidity also proved investors’ attention was re-directed to the stock market.
Large-cap stocks performed well with 16 of the 30 top companies by market capitalisation and trading liquidity in the VN30 Index advancing.
Gainers included PetroVietnam Drilling and Well Services (PVD), PetroVietnam Gas (GAS), consumer goods producer Masan Group (MSN) and Sacombank (STB).
PVD and GAS gained 6.9 per cent and 1.5 per cent, respectively, as oil prices showed recent improvements and were headed to $60 a barrel.
Brent crude was down 0.6 per cent to trade at $58.67 a barrel. It has increased by total 13 per cent in the last month.
“The stock market was also supported by foreign buyers, who ended as net buyers on the southern exchange,” SHS said. Foreign investors posted a net buy value of VND27.3 billion while they sold total net value of VND58.6 billion on Monday.
On the negative side, FLC Faros Construction (ROS), brewer Sabeco (SAB) and gas station operator Petrolimex (PLX) were the stocks that weighed down the southern market.
“In the current conditions, the VN Index is expected to move sideways and accumulate in the range of 802-810 points on Wednesday,” SHS said, adding that it requires strong efforts to break away from this range and continue rising.
On the Ha Noi Stock Exchange, the HNX Index gained 0.53 per cent to close at 107.91 points. It has recorded a fifth gaining session with total growth of 3 per cent.
More than 80 million shares were exchanged on the northern market, worth VND949 billion.
