VN-Index declines for a second day, penny stocks in the spotlight
VN-Index declines for a second day, penny stocks in the spotlight
The VN-Index declined for a second day on Friday, concluding the week at 1,231.66 points, down 0.26 per cent from Thursday.
The market on Friday focused on mid-cap and penny stocks with many in these groups hitting the intra-day limit growth of 7 per cent on the Ho Chi Minh Stock Exchange.
Biggest gainers included real estate firm COMA 18 (CIG), Duc Quan Investment and Development JSC (FTM), FLC Faros Construction (ROS), Thai Duong Petrol (TDG), HDC Investment Producing and Trading (HCD), Lao Cai Minerals Exploitation and Processing (LCM) and Duc Long Gia Lai Group (DLG).
The blue chips were mixed with 12 out the top 30 shares by market value and liquidity on HCM City’s exchange (VN30) declining while 15 increased. Another three were flat.
The financial sector remained the market driver with big gainers being banks or financial firms, such as Vietnam Prosperity Bank (VPB), Hoang Huy Financial Investment Services (TCH), Sacombank (STB) and Military Bank (MBB), which increased by between 0.5 per cent and 2.3 per cent.
According to analysts, the VN-Index is likely to continue struggling in the sessions next week after a long rally. Before Thursday, Viet Nam’s benchmark index had climbed nearly 7 per cent since late March.
Liquidity remained good with nearly 733 million shares traded worth VND18.2 trillion (US$784.5 million shares), up 10.3 per cent in volume and 25.5 per cent in value compared to Thursday.
“The market continues to encounter fluctuations with a sharp divergence following the business results of each company. Overall, the index sustains its short-lived uptrend with the near price target zone at 1,250-1,265 points,” said Tran Xuan Bach, a stock analyst at Bao Viet Securities Co, in Friday’s market report.
However, he said large-cap stocks, especially the leading ones, will increase to support the current movement of the market.
On the Ha Noi Stock Exchange, the HNX-Index maintained its uptrend with a fourth consecutive rising session this week.
The HNX-Index inched up 0.01 per cent to close the trade at 293.79 points. Nearly 1364.5 million shares worth VND2.8 trillion were exchanged on the northern bourse.
Foreign investors were net buyers on the two exchanges, responsible for a combined value of VND2.34 trillion.
