Shares correct on cautious trading
Shares correct on cautious trading
Shares corrected on Wednesday with the VN-Index failing to conquer 1,000 points again, with investors cautious as the index neared the landmark. 
The benchmark VN-Index on the Ho Chi Minh Stock Exchange slid 0.06 per cent to end Tuesday at 995.87 points.
Nearly 249.5 million shares were traded on the southern bourse, worth VND4.1 trillion (US$175.3 million).
The index inched down 0.01 per cent to end at 996.48 points on Monday.
Shares traded cautiously despite positive movements from US stocks during overnight trading.
The Dow Jones Industrial Average rose 132.25 points, or 0.49 per cent, to 27,090.31, the S&P 500 gained 16.79 points, or 0.56 per cent, to 3,039.34 and the Nasdaq Composite added 82.87 points, or 1.01 per cent, to 8,325.99.
The VN-Index has failed to conquer the 1,000 point level many times, affecting the psychology of investors.
Bluechips like Vietcombank (VCB) (-1.1 per cent), PetroVietnam Gas JSC (GAS) (-0.7 per cent), Masan Group (MSN) (-0.7 per cent) and Vietjet Air (VJC) (-1 per cent) all dropped, curbing the market's gaining momentum.
Other pillars like Vinhomes (VHM) (+1.9 per cent), Sabeco (SAB) (+1 per cent), Vinamilk (VNM) (+0.2 per cent) and Viet Nam National Petroleum Group (PLX) (+0.5 per cent) gained ground, supporting indexes.
On a sector basis, securities, banking, insurance, seafood production, food and beverages, information and technology, wholesale, retail, health care, agriculture and oil and gas moved down, reflecting the cautious psychology of investors.
On the Ha Noi Stock Exchange, the HNX-Index lost 0.16 per cent to close at 104.87 points.
The northern index rose 0.31 per cent to close at 105.04 points on Monday.
Foreign investors net sold VND79.68 billion on HOSE, including Vinhomes (VHM) (VND29.08 billion), FLC Faros JSC (ROS) (VND26.08 billion) and Masan Group (MSN) (VND22.43 billion). They were net sellers on the HNX with value of VND2.33 billion.
According to Bao Viet Securities Company (BVSC), the market may face correction pressure and drop to support zone 990-994 points in several sessions.
“The market will possibly accumulate in 990-1,000 points overall, we maintain our optimistic opinion about the trend of the market later this year with the expectation that the market will successfully break strong resistance zone around 1,000 points,” BVSC said.
The market is expected to fluctuate considerably later this week after the announcements from Fed policy meeting and third quarter portfolio review session of funds benchmarking the VN30, BVSC said.
