Pre-holiday mood dampens stock market

17-Jan-2020 Intellasia | The SaigonTimes | 7:02 AM Print This Post

Trade in the local stock market remained sluggish today, January 15, though the index did rise slightly as investors were apparently in festive mode when the Lunar New Year is drawing near.

The benchmark index in the HCM City market extended its losing streak early in the afternoon session, and established its intraday low before bouncing back and closing in positive territory, buoyed by some bank stocks.

The VN Index gained a slight 0.56 point, or 0.06%, over the previous session to 967.56, with 125 advancers and 188 decliners. The southern bourse saw 150 million shares changing hands, worth over VND3 trillion, down 21 percent in volume and 26 percent in value.

In the group of bank stocks, BID, VPB, CTG, and TPB were outstanding performers. VCB did not make headway, its fellow MBB inched down 0.23%, while TCB and EID moved sideways.

Contributors to the index’s increase also included brewery SAB, steelmaker HPG, mobile phone retailer MWG, and jewellery firm PNJ. Among them, HPG took the lead by liquidity with 5.88 million shares transacted.

Real estate firm DLG was the most actively traded stock on the southern market. There were 11 million DLG shares changing hands.

Notably, investors who rushed to bottom-fish the stock of construction company ROS on Tuesday seemingly found themselves catching a falling knife when ROS drastically reversed course today.

In the previous session, active bottom-fishing shot up ROS to its ceiling price at VND12,050 after it fell to the floor price of VND10,550.

However, ROS plunged to its floor price at the close, down over 4 percent against Tuesday to VND11,250, with a sharp decline in liquidity compared with previous sessions.

Apart from ROS, other stocks in the FLC group ended in the red, including FLC, HAI, and AMD.

The VN Index is expected to continue its upward trend and move toward the resistance range of 970-972 points in the next session. The local market’s developments could be buoyed by the signing of US-China Phase 1 trade deal on January 15 (local time), Bao Viet securities firm said in its latest report.

However, the brokerage firm noted that the market could be volatile toward the end of the next session due to the maturity of future contracts.

In the Hanoi market, HNX-Index lost 0.18 point, or 0.17%, to close at 103.19, with 41 stocks rising and 73 others inching down. Lender SHB led the Hanoi Stock Exchange by liquidity, with almost six million shares traded.


Category: Stocks, Vietnam

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