VN Index fails to beat 1,000 points

27-Feb-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

Local stocks advanced for the sixth session in a row today, February 25, but the VN Index of the Hochiminh Stock Exchange still failed to beat the 1,000-point mark due to a selloff at over 955 points.

The VN Index added 5.52 points, or 0.56 percent, versus the session earlier at 994.43. Trading volume on the southern market rose 5.6 percent to 227.7 million shares and value improved 4.8 percent at VND5.2 trillion.

Steel firms were among the biggest gainers. HSG hit its upper limit of VND8,520 per share with nearly 8.5 million shares matched. POM and TLH also went up to the ceiling prices while HPG advanced 2.6 percent at VND34,800.

In contrast, stocks in the Vingroup (VIC) family performed poorly, with property giants VIC and VHM ebbing 0.6 percent and 1.2 percent at VND116,300 and VND92,000, respectively. VRE, a retail group, declined 3.1 percent at VND33,900.

Among the speculative stocks, AMD plunged to the floor price before closing the day down a slight 0.4 percent at VND2,590. The mining firm led the market by liquidity with over 16 million shares traded.

Notably, HVG, a seafood exporter, went up to the ceiling price for the second consecutive session after its successful annual general meeting, with the board expecting to obtain VND20 trillion in revenue at the end of 2020. HVG ended the session at VND5,680 with 216,000 shares traded.

According to Bao Viet Securities Company, the stock market outlook is still positive in near term. However, investors should avoid buying new shares at above 991 points due to a possible market correction.

Cash is also forecast to flow into stocks that have not made significant gains or are accumulating profits such as oil and gas, bank, building material and real estate, it said.

The Hanoi Stock Exchange saw most heavyweights rising. Lender ACB gained 1.6 percent at VND31,000 and oil and gas firm PVS added 2 percent at VND20,700. PVS was also the most actively traded stock with 5.8 million shares changing hands, with foreign investors net buying 1.8 million shares.

SHB, another bank stock, moved flat at VND7,600 and VCG, a construction and export-import enterprise, edged 0.4 percent lower at VND27,400.

The HNX-Index rose 0.79 point, or 0.74 percent, against last Friday at 107.61. There were 34.9 million shares worth VND516 billion changing hands at the end of the day, both up 5.5 percent compared to the previous session.


Category: Stocks, Vietnam

Print This Post

Comments are closed.