Shares open the new trading week on positive note
Shares open the new trading week on positive note
Shares started the new trading week positively but liquidity decreased and foreign traders returned to be net sellers, showing rising caution among investors.
Transactions at Techombank's Tay Ninh branch. Techcombank topped the shares lifting the VN-Index most yesterday, growing nearly 3 per cent. — VNA/VNS Photo |
On the Ho Chi Minh Stock Exchange, the VN-Index increased by 0.33 per cent to close at 1,070.64 points.
The market performed positively for most of the trading time but selling pressure increased towards the end of the session, leading to drops in some major stocks.
Losers that weighed on the VN-Index included Vietcombank (VCB), Vinamilk (VNM), Vingroup (VIC), Masan Group (MSN), PV Gas (GAS) and insurer Bao Viet Holdings (BVH) with decreases of between 0.6 per cent and 1.2 per cent.
Overall, the market breadth was positive with 263 stocks rising, 125 declining and 84 closing flat. Of the VN30 basket (which tracks the top 30 shares by market value and liquidity), 16 advanced, 10 declined and four closed unchanged.
Banking continued to show its prominent impact on the market as six of the top 10 shares lifting the VN-Index most were from this industry. They included Techcombank (TCB), VPBank (VPB), Military Bank (MBB), Eximbank (EIB), Sai Gon-Ha Noi Bank (SHB) and Sacombank (STB) with growth of more than 1 per cent each.
Liquidity decreased slightly with more than 711 million shares worth VND12.5 trillion (US$531 million) being traded on the HCM City’s bourse, down 6 per cent in both volume and value compared to Friday’s levels.
Foreign traders returned to net sellers after a strong buys on Friday. They offloaded shares worth net value of nearly VND468 billion, focusing on VNDirect Securities (VND) and steelmaking giant Hoa Phat Group (HPG) with net sell value of more than VND50 billion each.
Meanwhile on the Ha Noi Stock Exchange, the HNX-Index grew 0.93 per cent to end at 215.90 points. However, trading volume and value dropped 21 per cent and 24 per cent, respectively, totalling nearly 84 million shares worth VND1.25 trillion.
According to analysts from Vietnam Construction Securities Company (CSI), the weekly chart indicates a bearish candle, but the VN-Index remains in a slightly positive territory compared to the previous week, suggesting that a short-term correction may have concluded.
However, the gains made by breakout stocks last week such as petroleum, real estate, pharmaceuticals, among others, were not significant. Therefore, it is unlikely that a strong upsurge will occur in the upcoming sessions.
"We still anticipate a positive market outlook, and thus, investors should continue to prioritise holding stocks and increase their holdings in profitable stocks when the market undergoes corrections, as seen in the previous session,” they wrote in a note.
