Shares mixed as oil, banks slump
Shares mixed as oil, banks slump
Shares moved in opposite directions on the two national stock exchanges yesterday as financial and energy stocks reversed recent gains.
On the HCM Stock Exchange, the VN-Index inched up 0.02 per cent to close yesterday’s trade at 978.27 points. The northern market index rose one per cent on Monday.
On the Ha Noi Stock Exchange, the HNX-Index slipped 0.61 per cent to end at 109.79 points after rising nearly two per cent in the previous session.
The market saw the rotation of the blue chips with the banking, brokerage and petroleum stocks declining after surging in the previous few sessions. The attention shifted to shares with high market prices such as Vinamilk (VNM), Vingroup (VIC), Vinhomes (VHM), Masan Group (MSN), Mobile World Group (MWG), Vietjet (VJC), FPT Corp (FPT) and Novaland (NVL).
Big banks like Vietcombank (VCB), Vietinbank (CTG), BIDV (BID), Techcombank (TCB) and Military Bank (MBB) decreased between 1-2 per cent.
Two biggest brokerage firms – Saigon Securities Inc (SSI) and HCM Securities (HCM) – fell 1.6 per cent and 2.2 per cent, respectively. PV Gas (GAS) and Petrolimex (PLX) slipped by 1.8 per cent and 1.4 per cent, respectively.
“Cash flows focused on retail services, food, construction and material stocks,” BIDV Securities Co (BSC) wrote in a report yesterday.
The retail sectors saw the strongest growth with an average rise of 2.5 per cent, followed by food, up 1.6 per cent, and construction-real estate, up 0.34 per cent, according to data on vietstock.vn.
Biggest gainers included Mobile World Group, FPT Corp, Vinamilk, Masan Group, Novaland and FLC Group with growth of between 1.4-3 per cent.
BSC reckoned the market was still accumulating value and short-term support and would continue to test the 980-point psychology level in the next session.
“Investors could consider opening positions with retail, construction and materials stocks which have received a large cash inflow,” it said.
Overall market condition was negative, however, with 210 stocks rising, 223 declining and 310 closing flat on the two markets.
A total of 214 million shares worth a combined VND4.7 trillion (US$204.3 million) were traded in the two markets, slightly down compared to the previous session.
Foreign investors were net buyers on the two bourses for total VND11 billion, focusing on Vietjet (VND64 billion), Coteccons Construction (VND41 billion) and Dat Xanh Group (VND34 billion).
