Shares corrected on the last session of the week, contrasting to the gains of global markets.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange slid 0.49 per cent to close at 987.59 points.

More than 205 million shares were traded on the southern bourse, worth VND4.4 trillion (US$188 million).

The index inched up 0.13 per cent to close Thursday at 992.45 points.

In the morning, the VN-Index struggled around the reference level as blue-chips including Viet Nam National Petroleum Group (PLX), Bank for Investment and Development (BID) and Vietinbank (CTG) fell sharply.

In the afternoon, the support of Vietcombank (VCB) did not seem to be enough to support the index to stay at 990 points as selling pressure increased at PetroVietnam Gas JSC (GAS), Bank for Investment and Development (BID) and Sabeco (SAB).

Local shares moved in contrast to the global market. Wall Street stocks rallied on Thursday after data showing US service sector activity at a three-year low fuelled expectations the Federal Reserve will cut interest rates to prevent a broader economic recession.

The Dow Jones Industrial Average rose 0.47 per cent to end at 26,201.04 points, while the S&P 500 gained 0.80 per cent to 2,910.63 points.

On a sector basis, wholesale, retail, information and technology, seafood processing, food and beverage, insurance, real estate, securities, healthcare, energy, banking, construction, construction materials and logistics were the decliners on Friday.

The large-cap VN30-Index was up 0.71 per cent to end at 915.16 points.

On the Ha Noi Stock Exchange, the HNX-Index dropped 0.05 per cent to end Friday at 105.16 points.

More than 24 million shares were traded worth VND346 billion.

The northern index inched down 0.05 per cent to close Thursday at 105.21 points.

Foreign investors net sold VND265.54 billion on the HOSE, including Hoa Phat Group (HPG) (VND46.64 billion) and Vincom Retail (VRE) (VND31.53 billion). Foreigners were net sellers on the HNX with a value of VND4.54 billion.

The UPCoM Index on the Unlisted Public Company Market (UPCoM) lost 0.39 per cent to close at 56.93 points.

The index climbed 0.53 per cent on Thursday.

According to Bao Viet Securities Company (BVSC), the market is forecast to fall under correction pressure towards the support zone of 980-983 points early next before increasing toward market close. The index is likely to recover in this support zone.

“We believe that the market tends to establish a sideways channel between 995-1,000 points and 980-983 points. The VN-Index is expected to follow this movement in the short term to accumulate a better price before sending clearer signals of future directions. However, foreign investors have not shown signs of stopping their net selling activities,” BVSC said.

Investors with high stock exposure should lower stock exposure to a safe ratio at market rallies around 995-1,000 points. Investors may buy short positions or cover previously sold positions at the aforementioned support zones. — VNS