Stocks move flat on dull trade

16-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

The local stock market resumed sideways movements today, January 14, as most investors stayed on the sidelines amid the lack of supporting information. The VN Index of the Hochiminh Stock Exchange lost a fractional 0.91 point, or 0.1 percent, against last Friday to close at 901.8.

BIDV Securities Company in its daily comment said that most sectors lost ground, except for some seafood and apparel firms that are expected to benefit from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In the afternoon phase, bottom fishers picked blue chips such as realty stock VHM, retailer VRE and fuel group GAS, helping curb the market downtrend and keep the main index above the 900-point level. VNM, a dairy company, also performed strongly as it gained 0.7 percent to the intraday high of VND135,000.

However, market turnover continued slumping with matching value contracting to under VND2 trillion, suggesting that investors were cautious.

From a technical perspective, the VN Index is expected to oscillate around the 900-point level in the next few days as investors are waiting for results of the trade negotiation between the US and China and the US government shutdown, it said.

Bao Viet Securities Company also predicted the main index to seesaw in a narrow range from 892 to 908 points in the near term. There will be clear divergence among stocks as listed firms are going to announce business results in 2018 soon.

For speculative stocks, property firm FLC rose 1.3 percent at VND5,390 and led the market for liquidity with over 10 million shares changing hands. Meanwhile, other realty firms such as KBC, QCG and HQC decreased.

Electricity firm POW started trading 2.3 billion shares on the southern market, closing the day up 4.7 percent at VND15,600 and ranking second by trading volume with five million shares traded. The closing price was still lower than that on POW’s last trading session on the market for unlisted public enterprises, or UPCoM, on December 27, 2018, at VND16,000.

On the Hanoi Stock Exchange, the HNX-Index fell 0.29 point, or 0.28 percent, at 101.58, but trading volume and value expanded 20.3 percent and 7.7 percent versus the previous session at 33.1 million shares worth over VND377 billion.

Lender SHB closed the day at the reference price of VND7,000 but it was the most actively traded stock with matching volume of over 5.2 million shares. Its fellow bank ACB, meanwhile, dipped 0.7 percent at VND28,700.


Category: Stocks, Vietnam

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