Wall St rally fails to help VN shares

Friday, Nov 09, 2018 08:00

Investors follow market fluctuations at the Saigon Securities (SSI) trading floor on Ha Noi’s Ngo Quyen Street. — VNS Photo Truong Vi

Significant variation in large-cap prices weakened the upward momentum of the market on Thursday amid low liquidity.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.45 per cent to end at 926.28 points.

The southern market index moved little on Wednesday.

The HNX Index on the Ha Noi Stock Exchange was up 0.33 per cent to close at 104.54 points.

The northern market index lost 0.34 per cent the previous day.

More than 180.8 million shares were traded on the two exchanges, worth VND3.1 trillion (US$135.7 million).

The large-cap VN30 Index was up 0.13 per cent to 900.40 points at the end of the morning session.

Large cap stocks still differed in prices but still managed to rally, helping the indices remain green on Thursday. Real estate developer Vinhomes (VHM), Vincom Retail (VRE), dairy firm Vinamilk (VNM) and Asia Commercial Joint Stock Bank (ACB) were the biggest contributors to the market’s gains.

In the opposite direction, blue-chips such as Vicostone JSC (VCS), PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS), FLC Faros Construction Joint Stock Company (ROS) and Mobile World Group (MWG) all fell and put pressure on the upward momentum of the market.

Asian shares scaled a one-month peak on Thursday as the market breathed a sigh of relief after the US midterm elections, in which Democrats wrested control of the House of Representatives and Republicans retained the Senate.

Analysts said the victory would make it harder for US president Donald Trump to issue future policies.

The Dow Jones Industrial Average rose 2.13 per cent, to 26,180.3, the S&P 500 gained 2.12 percent, to 2,813.89 and the Nasdaq Composite added 2.64 percent, to 7,570.75.

On the Vietnamese market, the US stock market’s increase on Wednesday did not support stocks, while investor psychology was still weak, making the indices unstable on Thursday, according to the Sai Gon-Ha Noi Securities JSC (SHS).

“The VN-Index failed to touch the resistance zone at 930 points. Sellers continued waiting for this zone to get rid of their shares,” SHS wrote in its daily report.

“Tonight, the US Federal Reserve will announce its plan for the next interest rate hike, which is expected to have some impact on the market. If there are no major surprises, it is probable that the VN-Index will continue moving sideways with low liquidity in the last trading session of this week.”

The Unlisted Public Company Market (UPCoM) index edged up 0.85 per cent to finish at 52.01 points. The unlisted market index lost 0.13 per cent to finish at 51.57 points in the previous session. — VNS

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