Securities fuel shares, investors seek profits in large-caps

Friday, Jun 05, 2020 08:38

An SSI Securities Corporation office on Ngo Quyen Street in Ha Noi. The company’s stock gained 3.3 per cent to close at VND15,700 on Thursday. — Photo

Securities stocks were in the limelight on Thursday as the market ended in positive territory but investors dumped a number of large caps to take profits.

The VN-Index at the Ho Chi Minh Stock Exchange (HoSE) gained 0.31 per cent to close at 883.90 points.

More than 431.1 million shares were traded for VND6.7 trillion (US$288 million).

Securities stocks rose by 4.6 per cent, with notable gainers being Saigon Securities Inc (SSI), Ho Chi Minh Securities Corp (HCM), VNDirect Securities Co (VND), Vietinbank Securities Co (CTS), and Sai Gon-Ha Noi Securities Co (SHS).

The banking sector maintained its uptrend with the Bank for Investment and Development of Viet Nam (BID), Vietinbank (CTG) and Vietcombank (VCB) all ending in green.

But Asia Commercial Bank (ACB), Military Bank (MBB), VPBank (VPB), Techcombank (TCB), and HDBank (HDB) fell.

Some blue ships like insurer Bao Viet Holdings (BVH), tech company FPT Corporation (FPT), steel maker Hoa Phat Group (HPG), consumer giant Masan Group (MSN), conglomerate Vingroup (VIC), Vinhomes (VHM), and Techcombank (TCB) also ended in negative territory.

Large cap stocks saw divergence with the VN30-Index, which tracks the 30 largest stocks by market capitalisation on HoSE, was down 0.06 per cent to 823.77 points.

Fifteen gained while 12 declined, while the other three remained unchanged.

Market sentiment was boosted after US stocks moved up in overnight trading.

The Dow Jones Industrial Average rose 2.05 per cent to close at 26,269.89, the S&P 500 gained 1.36 per cent to 3,122.87 and the Nasdaq Composite finished 0.78 per cent up at 9,682.91.

Out of 25 sectors, 14 including securities, banking, logistics, real estate, agriculture, construction, seafood processing, and insurance posted gains.

Retail, information and technology, energy, rubber production, food and beverages, construction materials, and healthcare finished in the red.

The HNX-Index on the Ha Noi Stock Exchange gained 0.80 per cent to close at 117.42 points.

More than 83 million shares worth VND967 billion were traded.

Foreign investors were net sellers to the tune of VND65.26 billion on HoSE as they dumped E1VFVN30 (VND131.2 billion), Ho Chi Minh City Infrastructure Investment JSC (CII) (VND50.2 billion) and Bao Viet Holdings (BVH) (VND20.7 billion).

On the HNX too they were net sellers (VND17.78 billion).

“The VN-Index could experience considerable volatility at the 880-888 resistance zone in the next session,” Bao Viet Securities Co said.

“The market, which has become overbought, will possibly face pressure.” — VNS

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