Shares manage to go up despite selling pressure

Saturday, Jan 23, 2021 07:14

An overview of FLC Luxury Hotel Quy Nhon in Binh Dinh Province - one of the projects for which FLC Faros Construction Corporation (ROS) is the main contractor. ROS rose 7 per cent on Friday. — Photo courtesy of ROS

Vietnamese shares managed to maintain their rally on Friday but the selling pressure increased at the end of trading session and prevented the VN-Index from reaching 1,170 points.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.22 per cent to end the trading session at 1,166.78 points.

More than 758 million shares were traded on the southern bourse, worth VND16 trillion (US$695.3 million).

Market breadth was neutral with 211 gainers and 233 decliners.

“In the morning session, the rise of the VN-Index was significantly extended, surpassing 1,175 points, while in the afternoon session, the pressure of strong fluctuations continued until the end of the session, causing the VN-Index to increase only 2 points from the previous session,” said BIDV Securities Co.

“Foreign investors continued to be net sellers on both HoSE and HNX. Besides, market breadth turned sideways with a slight increase in liquidity compared to the previous session.

“According to our assessment, with signals from technical analysis and cut-loss psychology of investors, the possibility of short-term recovery is not clear,” it said.

Foreign investors net sold VND50.4 billion on HOSE, including Hoa Phat Group (HPG) with VND132.44 billion, Vinamilk (VNM) with VND107.42 billion and Vietinbank (CTG) with VND92.65 billion. They were net sellers on the HNX with a value of VND14.22 billion.

The large-cap tracker VN30-Index was up 0.46 per cent to 1,156.58 points.

Seventeen of the 30 large-cap stocks in the VN30 basket increased while ten declined.

FLC Faros Construction JSC (ROS) hit the daily limit rise of 7 per cent. Novaland (NVL) followed with a gain of more than 4 per cent. Khang Dien House (KDH), Eximbank (EIB), Hoang Huy Investment Financial Services JSC (TCH), Vietjet (VJC), FPT Corporation (FPT) and Masan Group (MSN) climbed more than 2 per cent.

Phu Nhuan Jewelry (PNJ), Mobile World Group (MWG), Vietinbank (CTG) and HDBank (HDB) rose more than 1 per cent.

On the other side, Bank for Investment and Development for Vietnam (BID) and SSI Securities Inc (SSI) were the two biggest losers in the VN-30 group with losses of over 2 per cent. Vinamilk (VNM), Hoa Phat Group (HPG), Vietnam National Petroleum Group (PLX) and PetroVietnam Gas JSC (GAS) all fell more than 1 per cent.

On the Ha Noi Stock Exchange, the HNX-Index declined 0.07 per cent to close Friday at 240.12 points.

More than 153 million shares were traded on the northern market, worth VND2.1 trillion. — VNS

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