Shares struggle to sustain gains amid low liquidity
Shares struggle to sustain gains amid low liquidity
The VN-Index sustained the green on Thursday, but the market was negative on investors' reluctance ahead of Tet (Lunar New Year) holiday.
On the Ho Chi Minh Stock Exchange, the VN-Index inched up nearly 0.1 per cent to close at 1,056.39 points. The southern bourse's index rose 0.2 per cent on Wednesday.
The market breadth was negative, however, when the number of losing stocks outnumbered the gaining ones by 240-162. Another 163 closed flat.
The VN-Index's gain was driven by the growth of several heavyweight stocks at the close (ATC) time such as Vinhomes (VHM), up 1.4 per cent; Vinamilk (VNM), up 0.8 per cent; VPBank (VPB), up 1.4 per cent; and PV Gas (GAS), up 0. per cent.
In addition, positive performance of mining and seafood stocks also supported the market with average growth of 4.3 per cent and 3.7 per cent, respectively, according to data tracked by vietstock.vn.
PetroVietnam Drilling and Well Services (PVD), PetroVietnam Chemicals and Services (PVC) and seafood processing company Nam Viet Corp (ANV) all hit the ceiling growth of 7 per cent. Vinh Hoan Corp (VHC), Camimex Group (CMX) and Sao Ta Foods (FMC) increased by more than 3 per cent each.
On the dark side, slumps of influential stocks such as Masan Group (MSN), Vietcombank (VCB) and Vietinbank (CTG) pushed the market down.
Liquidity remained low and was almost unchanged compared to the previous session with 506 million shares worth VND8.7 trillion (US$369 million) being traded.
"The cash flow continued to be cautious with a bit of profit-taking pressure when the VN-Index approached the resistance level of 1,065-1,080," said Phuong Pham, a market analyst at Viet Dragon Securities Co in a note.
According to Phuong, the market will likely continue to suffer from selling pressure and to correct to retest the support of cash flow in the next sessions.
On the Ha Noi Stock Exchange, the HNX-Index rose for a third day this week, up 0.13 per cent to close at 211.94 points. The northern market's index has gained 1.1 per cent this week.
Liquidity slightly increased to 55 million shares worth VND913 billion.
Foreign traders remained net buyers on both exchanges, picking up shares worth VND323 billion. They were responsible for total net buy value of more than VND1.6 trillion this week.
