Shares end the week on negative note

Saturday, Dec 14, 2019 06:57

A workers helps move steel products at Hoa Phat Steel Pipe company in Da Nang. Hoa Phat Group (HPG) lost 1.65 per cent on Friday. — Photo the courtesy of Hoa Phat Group

The VN-Index failed to maintain its rally on Friday as selling pressure hit many large-caps during the last trading session of the week.

The VN-Index on the Ho Chi Minh Stock Exchange (HOSE) lost 0.21 per cent to end Friday at 966.18 points.

Nearly 219.2 million shares worth almost VND4.2 trillion (US$181.3 million) were traded on the southern market.

The benchmark index had risen 0.66 per cent to end Thursday at 968.17 points.

Market breadth was negative with 174 shares dropping and 146 rising.

The large-cap VN30-Index lost by 0.48 per cent to stand at 880.55 points.

In the morning, VN-Index gained positively thanks to the support from banking stocks such as Bank for Investment and Development of Viet Nam (BID), Vietcombank (VCB) and Vietinbank (CTG).

However, the index could not maintain the upward trend at the end of the session due to the selling forces that hit some individual stocks like Vinhomes (VHM), Vinamilk (VNM), Hoa Phat Group (HPG), Kido Group and Novaland.

According to BIDV Securities Co (BSC), although there has been support from positive macro information as the US and China are closing in on the first phase of an agreement to resolve their tariff dispute, domestic pressure from strong net-sold by foreign investors last week still prevented VN-Index from a recover.

“The market next week is forecast to fluctuate when many events will take place such as the maturity of futures contracts or portfolio restructuring activities of ETFs,” said Tran Xuan Bach, senior analyst at the Bao Viet Securities Company (BVSC).

The VN-Index is likely to continue to fluctuate in the area of 955-971 points next week. It still needs to surpass the resistance area of 970-971 points in order to complete the small bottom pattern and enter the recovery span with higher confidence, he said.

“However, we also note that the market will have adverse movements in the last sessions of the week and may retest the support areas of 951-955 points again,” Bach said.

On a sector basis, eleven out of the 25 sectors saw share prices decreasing, including insurance, securities, retail, healthcare agriculture and construction materials.

On the opposite side, 13 sectors saw share prices climbing, including real estate, mining, banking, wholesale, seafood production, information and technology and logistics.

On the Ha Noi Stock Exchange (HNX), the HNX-Index was up 0.22 per cent to end Friday at 102.94 points.

More than 38.7 million shares were traded on the northern bourse, worth VND371 billion.

The northern market index was up 0.32 per cent to end Thursday at 102.71 points. — VNS

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