Shares end week on negative note

Saturday, Mar 09, 2019 07:54

An investor places an order at Bao Viet Securities Company in Ha Noi. — VNS Photo Thai Ha

Shares ended the week on a negative note as selling pressure increased gradually at the end of the session.

Viet Nam’s benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) attempted to break through the threshold of 1,000 points but failed. The index decreased by 0.88 per cent to end at 985.25 points.

The southern market index decreased by 0.05 per cent to end at 994.03 points on Thursday.

On the Ha Noi Stock Exchange, the HNX-Index lost 0.60 per cent to end the session at 108.22 points.

It climbed 0.37 per cent to end Thursday at 108.88 points.

A total of 260.5 million shares worth a combined VND4.8 trillion (US$206.8 million) changed hands on the two bourses.

Declining stocks dominated the bourses, outnumbering gainers by 276 to 185, showing low investor confidence.

The VN30 Index lost 0.82 per cent to reach 914.74 points, with 25 declining stocks against four gainers among the 30 largest stocks by market capitalisation.

A series of pillars in the market such as Bank for Investment and Development (BID), Vietinbank (CTG), Military Bank (MBB) and dairy firm Vinamilk (VNM) all fell sharply and put pressure on the general market.

Rubber and textiles were the notable sectors today with many gainers, including Phuoc Hoa Rubber Joint Stock Company (PHR), Dong Phu Rubber Joint Stock Company (PDR), Thanh Cong Textile Garment Investment Trading Joint Stock Company (TCM), TNG Investment and Trading JSC (TNG), Binh Thanh Import - Export Production & Trade JSC (GIL), Saigon Garmex Manufacturing Trade Joint Stock Company (GMC) and Song Hong Garment Joint Stock Company (MSH)

Real estate and construction also saw gainers like Novaland (NVL), Van Phu - Invest Investment Joint Stock Company (VPI), Song Da Urban & Industrial Zone Investment & Development JSC (SJS), Viet Nam Construction And Import-Export Joint Stock Corporation (VCG) and Coteccons Construction Joint Stock Company (CTD).

According to Bao Viet Securities Company, the market is forecast to face downward pressure next week. The VN-Index may return to the 970-980 point range before a recovery.

“The market is expected to experience a wide divergence next week. Bank stocks are predicted to recover and support the market. Capital is forecast to flow to stocks in the correcting phase, including oil and gas, electricity, industrial zones, textile, building materials, and real estate,” the company said.

“Investors should lower stock exposure to a safe level when market gains. Stock exposure should be limited at 35-45 per cent of the portfolio at present,” it added.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) lost 0.54 per cent to finish at 55.94 points. It rose 0.34 per cent to close at 56.25 points on Thursday. — VNS

Comments (0)