VN stocks uncertain amid rising sell pressure

Wednesday, Feb 13, 2019 12:26

Vietnamese stocks posted modest gains on Wednesday morning as stocks were hit by increased selling pressure following the market’s recent rally. - Photo

Vietnamese shares edged up on Wednesday morning amid rising profit-taking pressure after having rallied in the previous trading days.

The benchmark VN Index on the Ho Chi Minh Stock Exchange (HoSE) gained 0.30 per cent to close at 940.38 points.

The southern market index had increased a total 3.18 per cent in the first two trading days of the week, notching a two-month high of 937.54 points on Tuesday.

More than 114.5 million shares were traded on the southern stock market, worth VND2.51 trillion (US$107.7 million).

The benchmark VN Index rose sharply in the early morning but moved up and down later as investors locked in profits following the two-day rally.

According to Bao Viet Securities Co (BVSC), the market may be mixed among groups of stocks and leading stocks “may grow at a slower pace or experience a cumulative retreat to keep the market’s trend”.

As predicted by BVSC, the sectors that helped the market rally in the first two days of the week – banking, realty and consumer staple – showed signs of slowing down.

Only half of the 10 banks listed on HoSE advanced. Eximbank shares (EIB) had the highest growth of 1.7 per cent.

Among realty and consumer staple firms, Vincom Retail (VRE) edged up 0.5 per cent, Vingroup fell 0.5 per cent and Vinhomes (VHM) was down 0.1 per cent.

On the Ha Noi Stock Exchange, the HNX Index ended flat at 106.04 points with nearly 18 million shares exchanged, worth VND214.8 billion.

The northern market index had rallied total 3.64 per cent since the end of January.

Afternoon trading starts at 1pm. – VNS

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