VN Index falls after 8-day rally
VN Index falls after 8-day rally
Shares fell slightly on the HCM Stock Exchange as large-cap stocks were hit by profit-taking after the index touched a fresh 10-year high of 960 points.
The benchmark VN Index dropped 0.23 per cent to end Thursday at 949.93 points, ending its previous eight-day increase of nearly 7 per cent in total.
The benchmark index rose as much as 0.83 per cent during the session.
More than 249.6 million shares were traded on the southern exchange, worth VND6.5 trillion (US$289 million).
Trading liquidity increased by 8.6 per cent in volume and 17.5 per cent in value compared to Wednesday.
The market breadth was positive with 153 gaining stocks, 128 declining ones and 51 shares ending flat.
Large-cap stocks were mixed as half of the 30 largest shares by market capitalisation in the VN30 Index fell, pulling the VN30 Index down 0.37 per cent to 943.05 points.
Among decliners were brewer Sabeco (SAB), Vietcombank (VCB), Sacombank (STB), food and beverage firm Masan (MSN) and insurance-finance group Bao Viet Holdings (BVH).
Those listed firms saw share prices decline between 0.8 per cent and 4.1 per cent. Sabeco shares lost 2.9 per cent after having climbed a total of 12 per cent in two sessions.
The other four large-cap stocks also suffered from the same condition. VCB was down 1 per cent from a three-day rise of 3.4 per cent and STB edged down 0.7 per cent from a four-day rally of 6.9 per cent.
The State Capital Investment Corporation (SCIC), which represents the Government to manage the State’s capital in local companies, on Thursday announced that its divestment from FPT Corp and Binh Minh Plastic would be delayed until next year instead of taking place this month.
The national wealth fund SCIC had previously planned to sell the State’s stakes in those firms between December 8 and 13.
FPT and Binh Minh Plastic shares fell 1.5 per cent and 1.1 per cent on the news.
Sai Gon-Ha Noi Securities Company (SHS) wrote in its daily report that the VN Index failed to extend growth further because investors sought to profit as the index hit a new 10-year high.
However, investor confidence seemed to remain positive as “the green colour still dominated the market trading with advancers outnumbering losers, boosting opportunities for investors that are looking for short-term profits,” SHS said.
Thursday’s slight fall was considered necessary for the market to settle down before rising to higher levels, the brokerage firm said, adding that the VN Index is forecast to bounce back on Friday to reclaim the 950-point level.
On the Ha Noi Stock Exchange, the HNX Index added 0.68 per cent to finish at 114.72 points. It has extended its growth for a second day, rising a total of 2.9 per cent.
More than 74.5 million shares were traded on the northern exchange, worth VND1.07 trillion.
