Stock market rebounds from steep decline

24-Oct-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The local stock market eased off its losing streak today, October 22, supported by large-cap stocks.

Although the market fell into the red in early trade, the good performance of some big-cap stocks helped the main VN Index of the Hochiminh Stock Exchange pare losses in the previous three sessions.

Bao Viet Securities predicted that the market might seesaw in the next few sessions, with the index seen hovering around the resistance range of 989-992 points.

At the close, the VN Index added 3.63 points, or 0.37%, versus Monday at 987.19, with advancers and decliners being almost equal, at 151 and 152. Trading volume on the HCM City bourse rose 15.6 percent at over 230 million shares but value dipped 4.4 percent at over VND3.9 trillion.

Among the bank stocks, lender VCB inched up 1.4 percent at VND85,000 per share, possibly backed by its positive earnings results in January-September. Its pre-tax profit in the period soared an astounding 50.76 percent to over VND17 trillion, representing 88 percent of its full-year target.

Another good performer was BID, which gained 1.8 percent to the intraday high at VND40,000. Other lenders, CTG, TCB and MBB, made slight gains.

Some bluechips extended their rallies. Steelmaker HPG jumped 1.9 percent and brewery firm SAB soared 2.8%.

But dairy firm VNM underwent a slight correction, losing 0.8 percent after four days of gains. Further, stocks in the Vingroup (VIC) family and consumer goods company MSN fell slightly.

Media group YEG plummeted after it said in its quarterly financial report that it suffered losses worth over VND100 billion, leading its accumulated losses in the year to September to reach nearly VND230 billion.

For speculative stocks, property developer FLC came under strong profit-taking pressure, falling to its floor price of VND4,610, with up to 46 million shares traded. Its two affiliates HAI and AMD also fell from ceiling prices to end up losing.

On the Hanoi Stock Exchange, the HNX-Index closed at 104.49 points, up 0.48 point, or 0.47%, against the previous session, with 43 winners and 36 losers.


Category: Stocks, Vietnam

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