Stocks continue rallying but trading ebbs

08-Jun-2018 Intellasia | | 6:02 AM Print This Post

Stocks kept advancing for the fifth straight session on June 6 but trading sharply slid as investors became cautious over the long rising streak.

The VN Index of the Hochiminh Stock Exchange closed the day at 1,034.5 points, rising by 11.76 points, or 1.15 percent, against the previous session. However, trading volume and value on the HCM City market shed 23.7 percent and 35.9 percent at 162 million shares and around VND5 trillion, including VND741 billion in block deals.

Among heavyweights, lender TCB slumped for the third consecutive day, losing 4.1 percent at VND92,000 a share. Compared to the debut price of VND128,000 early this week, the bank has lost over 28 percent and ranks third by market cap in the banking sector.

Dairy firm VNM and beverage maker SAB fell into negative territory, dipping 1.1 percent and 0.2 percent at VND175,000 and VND247,000 a share respectively. In contrast, property firm VIC gained nearly 2.5 percent at VND124,100 a share while lender VCB increased 0.8 percent at VND59,100 per share.

Most banks reported strong turnover, in which STB led the market by liquidity with 8.4 million shares traded. MBB ranked second with 7.3 million shares, followed by steel maker HPG with six million shares and lender CTG with 5.4 million shares.

The HNX-Index of the Hanoi Stock Exchange bounced back strongly, adding 2.23 points, or 1.89 percent, at 120.42. The Hanoi bourse saw 48.5 million shares worth VND735.8 billion transacted, down 25 percent and 23 percent versus Tuesday respectively.

Foreign investors stayed on the selling side on the HCM City exchange, net selling VND23.8 billion of shares. Notably, they net bought 515,000 shares of DHG but the pharmaceutical firm declined 4 percent at VND110,000 per share.

Besides, they net purchased VND18.2 billion of shares in securities firm SSI, VND17.8 billion in seafood firm VHC, VND17.5 billion in lender VCB and VND16.9 billion in construction firm CTD. In contrast, they net sold VND121.7 billion of VIC shares.

Foreign investors net sold VND1.9 billion of shares on the Hanoi bourse, chiefly petroleum stocks such as PVS and PLC.

According to vietstock.vn, the market still sees supportive factors but the VN Index may have to test the resistance range of 1,025 and 1,030 points again.

Notably, market turnover tumbled sharply, suggesting that buyers have become cautious. Cash flow concentrates on a number of large caps while most stocks still report sluggish trade.

Therefore, the market sees correction risks increasing today. From a technical perspective, the VN Index may drop within the next few days before rebounding given better turnover.

http://english.thesaigontimes.vn/60350/Stocks-continue-rallying-but-trading-ebbs.html

 


Category: Stocks, Vietnam

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