VN-Index fail to maintain 1,000 points

Thursday, Mar 07, 2019 07:18

An investor follows stock movements on his mobile phone at the Saigon Securities (SSI) trading floor in Ha Noi — VNS Photo Truong Vi

Although the VN-Index successfully surpassed the 1,000-point landmark on Thursday morning, it did not maintain the uptrend in the afternoon as the large selling force put pressure on many large-caps.

Viet Nam’s benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) decreased by 0.05 per cent to end 994.03 points.

The southern market index increased by 0.21 per cent to end Wednesday at 994.49 points.

On the Ha Noi Stock Exchange, the HNX-Index climbed 0.37 per cent to end the session at 108.88 points.

It rose 0.21 per cent to end Wednesday’s session at 108.48 points..

A total of 293 million shares worth a combined VND5.5 trillion (US$235 million) changed hands on the two bourses.

The VN30 Index, which tracks the top 30 shares by market value and liquidity on the HoSE, decreased 0.14 per cent to end at 922.29 points.

The market experienced a wide divergence amid large-cap stocks. Banking gained by 0.43 per cent with a small across-the-board increase. Real estate was up by 0.70 per cent thanks to Vingroup’s increase.

Oil and gas lost by 0.93 per cent as all the previously up stocks fell, including PetroVietnam Gas JSC (GAS), Viet Nam National Petroleum Group (PLX), PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Coating JSC (PVB). Media stock dropped by 5.43 per cent, marking its fourth consecutive declining session.

Quoc Cuong Gia Lai Joint Stock Company (QCG) attracted attention when hitting the daily limit rise of 7 per cent, closing at VND5,370 per share. Other codes like Vinaconex Investment and Tourism Development JSC (VCR), Sonadezi Long Thanh (SZL) and Van Phat Hung Corporation (VPH) also touched ceiling prices.

On the other side, many large caps declined in the session such as steel maker Hoa Phat Group (HPG), falling 2.6 per cent, Vietnam Commercial Joint Stock Export Import Bank (EIB), losing 1.7 per cent, Petrovietnam Fertiliser & Chemicals Corporation (DPM), decreasing 1.4 per cent, Refrigeration Electrical Engineering Corporation (REE) and Thanh Thanh Cong — Bien Hoa Joint Stock Company (SBT), both slumping 1.3 per cent.

According to BIDV Securities Company (BSC), the market continued to have a fluctuating trading session under the resistance of 1,000 points, when domestic and international investors’ psychology is still waiting for new signals of trade negotiations between US — China and other new supporting information for the market.

Investors should continue to observe the world and domestic economic fluctuations to make investment decisions, gradually reducing the proportion of stocks in the portfolio, BSC said in its daily report. — VNS



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