VN Index slides further

25-May-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

The VN Index on the Hochiminh Stock Exchange slid for the third consecutive session today, May 23, due to low supply and active bottom fishing.

The benchmark index went down slightly by 0.11 percent against the previous session to close at 982.71 points as losers outnumbered gainers by 153 to 129. The downtrend momentum maintained in most of the session, but gradually decreased toward the end of the session.

According to Bao Viet Securities, trading volume decreased slightly to below the average level of 20 sessions, indicating a significant decline in supply pressure around 975-980 points. The signals are expected to boost the market’s recovery in the short run.

More than 160 million shares worth over VND4.3 trillion were traded on the southern bourse, down 9 percent in volume, but up 10 percent in value from a day earlier.

Of these, large block deals saw over 32.6 million shares worth VND1.1 trillion from retailer VRE and some 6.3 million shares worth VND116 billion from lender EIB changing hands.

The major deal of VRE did not make positive impact on the price of its stock as the retailer inched down 1.5 percent at VND35,250.

VRE and lender TCB were the most actively traded stocks among the top ten by market capitalisation with their respective traded amounts of 1.68 million and 1.37 million shares. TCB dropped a slight 0.2 percent at VND23,650.

Stocks in the petroleum and gas sector were strongly offloaded, so most of them declined. Oil drilling firm PVD lost 1 percent at VND20,600, but surprisingly, it led the market by liquidity with 10.7 million shares, and this was the record level since its listing on the exchange in late 2006.

Meanwhile, the VN Index’s best performers included leading fuel distributor PLX (up 1.8%), jewellery maker PNJ (2%), phone retailer MWG (0.7%), and lender VCB (0.6%).

Construction firm ROS dipped a further 5.1 percent at VND30,000 and had a trading volume of 6.6 million shares, ranking second for liquidity on the main market.

On the Hanoi Stock Exchange, the HNX-Index rose by 0.16 percent versus Wednesday to end at 106.3 points. Trading volume on the market slumped 43 percent at 30.5 million shares, and its value fell 33 percent at VND435 billion.

In contrast to the southern exchange, many petroleum stocks on the northern bourse made gains, and have active contributions to the index. While PVB added 2 percent at VND20,000, its fellow PVS expanded 8.2 percent at VND24,600 and was the most actively traded stock with 7.79 million shares.

Lender ACB, stone manufacturer VCS, insurer PVI, and realty firm HUT were in negative territory.


Category: Stocks, Vietnam

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