Shares mixed following strong gains

Wednesday, Jun 06, 2018 08:33

Investors watch share movements on a Bao Viet Securities trading floor. — VNA/VNS Photo Pham Hau

Shares were mixed at closing on Tuesday, higher on the HCM City Exchange but lower on the northern bourse, although Monday witnessed a strong recovery.

The benchmark index’s gain narrowed, with the VN-Index rising as much as 0.88 per cent to end at 1,022.74 points. It had soared 2.11 per cent on Monday.

Contrary to strong demand in previous sessions, Tuesday’s session witnessed fluctuation of the index.

On the Ha Noi Stock Exchange, the HNX-Index posted a loss of 0.11 per cent to end at 118.18 points, reversing from its increase of 2.22 per cent on Monday.

A total of 277.2 million shares, worth over VND8.7 trillion (US$385 million), were traded across the two markets, up 25 per cent in volume and 48 per cent in value compared to the previous session.

Overall market condition was also positive with the number of gainers outnumbering the losers (252-197) while another 282 closed unchanged.

Tracking the southern bourse’s largest stocks by capitalisation and liquidity, the VN30-Index added 1.07 per cent, to end at 1,007.32 points, with 22 gainers and five losers.

The benchmark index received support from PetroVietnam Gas Joint Stock Corporation (GAS), steel maker Hoa Sen Group (HSG) and PetroVietnam Drilling & Well Services Corporation (PVD), hitting the daily limit rise of 7 per cent.

Other prominent market contributors included dairy firm Vinamilk (VNM), property developer Vingroup (VIC), DHG Pharmaceutical Joint Stock Company (DHG) and Masan Group (MSN).

On the negative side, the newly-listed share Techcombank (TCB) dropped over 6.3 per cent, losing 6.3 per cent of value compared with the previous session, slowing down the upward trend of the market.

According to Bao Viet Securities Company, after a streak of gains, the VN-Index is likely to suffer stronger profit-taking pressure in the next sessions.

“However, there is greater possibility that the VN-Index would keep moving upwards (to 1,050). Therefore, investors with low stock exposure could take advantage of potential volatility in the next session to purchase,” the company said.

BIDV Securities Company (BSC) said in its daily report that reversal pressure appears but the adjustment will not be too strong.

“BSC believes that investors should invest in adjustment sessions, avoid buying and choosing stocks with good fundamentals,” it added.

Foreign investors on Tuesday net sold VND36.69 billion on HOSE, focusing on real estate company Vinhome (VHM) (VND43 billion), pharmacy company DHG (DHG) (VND30.7 billion) and PetroVietnam Gas Joint Stock Corporation (GAS) (VND17 billion). Additionally, they also net sold VND25.65 billion on the HNX.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) was down 0.05 per cent to finish at 53.60 points. It had risen 1.52 per cent on Monday. — VNS

Comments (0)