Market drops back slightly

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SaigonTimes English - 35 month(s) ago 2 readings

HCMC – The local market on Thursday fell back after moving sideways in three consecutive rising sessions while liquidity also sharply declined. The VN-Index lost a slight 1.01 points, or 0.25%, against the previous day to close at 408.39.

Market drops back slightly

By Phuong Thao - The Saigon Times Daily

HCMC – The local market on Thursday fell back after moving sideways in three consecutive rising sessions while liquidity also sharply declined. The VN-Index lost a slight 1.01 points, or 0.25%, against the previous day to close at 408.39.

The market opened flat but then rose to hit a high of 411.36 before reversing direction and falling back for the rest of the day and then finally closed just above the lows.

On the Hochiminh Stock Exchange, bids were almost unchanged compared to the previous session at 30.5 million shares while offers rose a mild 4.3% to 30.8 million shares. Closing the day, the market’s total trading volume was 23.5 million shares worth VND417 billion, down 21.8% and 18.3% from the day earlier respectively.

The number of rising stocks was nearly equal to that of losing ones at 96 to 102, including 20 stocks closing at the ceiling prices and 34 stocks plunging to the floor prices. Blue-chips were mixed with losses in VPL and VIC while FPT and STB continued to make some gains.

Sacombank (STB) again led the market for liquidity, rising 0.7% against the previous day to VND13,900 per share with nearly 814,000 shares changing hands. Vietcombank (VCB) was the second most traded stock, gaining 0.3% to VND28,300 on the volume of 795,000 shares.

Foreigners continued net buying although their trading dropped back. They took 2.1 million shares worth VND67 billion and offloaded 1.1 million shares worth VND31 billion, making up 16% and 7.6% of the market’s buying and selling value respectively.

The Hanoi market made a modest gain on Thursday while turnover recovered slightly to VND198 billion. The HNX-Index edged up a fractional 0.03 point, or 0.04%, against the previous session and ended the day at 69.95.

Gainers slightly outnumbered decliners by 124 to 97, including 20 stocks going to the ceiling prices and 26 stocks dropping to the floor prices. Foreigners were on the buying side and accounted for 1.1% and 0.9% of the market’s buying and selling value respectively.

Fiachra Mac Cana, managing director of HCMC Securities Corp., said although the overall market was becalmed, it was interesting to see some careful buying emerging in some mid-sized stocks, which combined low valuations with decent growth.

“We are thinking here about DHG, DMC, IMP, PAC and BMP and even some larger stocks such as FPT. So, while the market headlines don’t look too hot, there is some underlying buying going on which is often the sign of a long-term bottom being put into place,” Mac Cana said.

Viet Dragon Securities Co. noted that demand and supply as well as investor sentiment seemed to improve on Thursday but the signs were not clear. Investors should be cautious and only pick up stocks with good fundamentals and liquidity.

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