Shares eke out gains in HCM but investors watch out at high price range
Shares eke out gains in HCM but investors watch out at high price range
Shares eked out a gain in HCM City but lost ground in the last trading minutes in Ha Noi amid rising investor caution at the high price range.
On the Ho Chi Minh Stock Exchange, the VN-Index inched up 0.05 per cent to close yesterday at 1,275.28 points – its third rally session this week and fourth since last Friday.
The market breadth was negative, however, with 191 stocks rising, 252 falling and 118 closing flat.
Realty stocks backed the market as half the top 10 shares lifting the VN-Index were real estate firms. Vingroup (VIC) was the biggest contributor with a growth of 2.1 per cent, followed by No Va Land Investment Group (NVL), Phat Dat Real Estate Development (PDR) and Investment and Industrial Development Corp (BCM) with gains of between 1.7 per cent and 7 per cent.
Beverage companies also performed well with the two largest listed companies – Vinamilk (VNM) and Masan Group (MSN) – increasing respectively 1.1 per cent and 2.1 per cent.
However, the slump of some heavyweight blue chips including lender BIDV (BID), PV Gas (GAS), Mobile World Investment (MWG) and steelmaker Hoa Phat Group (HPT) weighed on the market.
According to Viet Dragon Securities Co (VDSC), the market is entering a state of exploration within a narrow range and divergence.
“The market's uptrend temporarily slowed down as the high-price demand was still cautious,” said Phuong Pham, VDSC’s stock analyst.
The VN-Index has gained nearly 6 per cent this month.
The market was supported and recovered to the green price zone at the end of the session that showed the market movement is still temporarily inclined to the uptrend, Phuong said.
“It’s expected that market will continue to gradually increase in the near future and test the resistance zone of 1,280-1,300 points, but the supply will increase pressure when the market reaches new high points.”
Liquidity increased with more than 712 million shares worth VND17.7 trillion (US$763 million) being traded, up 15.5 per cent in volume and 18 per cent in value compared to the previous session.
On the Ha Noi Stock Exchange, the HNX-Index edged down 0.14 per cent to end at 302.59 points – its second fall this week.
More than 100 million shares amounting to VND1.8 trillion were exchanged, up 24 per cent in volume and 21 per cent in value over Tuesday’s levels.
Foreign traders were mixed as they concluded the trade as net sellers in HCM City’s market with a net value of over VND47.5 billion but were net buyers for a net value of VND14.4 billion in Ha Noi market.
