Market seeks a soft landing

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) ended up 0.4 points or 0.08 per cent to close at 446.32 points. The benchmark had fallen to negative territory for most of the session and had even slipped as much as 8 points.

Pillar stocks Bao Viet Holdings (BVH) gained 2.1 per cent and Masan Group (MSN) slightly added driving up the market, with big buying power from foreigners.

Some other blue-chips like FPT Corp. (FPT), PetroVietnam Fertilisers (DPM) also significantly rose.

Banking shares recovered, with Military Bank up 2.03 per cent, Eximbank (EIB) 1.16 per cent, Sacombank (STB) 0.86 per cent, Vietinbank (CTG) 1.1 per cent, while Vietcombank (VCB) gained 1.16 per cent.

On the Hanoi Stock Exchange (HNX), several securities company shares also saw rebounding demand. Orient Securities (ORS), Phu Hung Securities (PHS) hit the ceiling after falling to the floor during the session. Kim Long Securities (KLS) and VNDirect Securities (VND) also rose back to opening prices.

HoSE-listing Sacombank Securities (SBS) even hit the ceiling with a matching trading volume of 7.2 million units.

HNX-Index gained 0.58 points or 0.77 per cent to close at 75.53 points. Advancers amounted to 167 stocks, overwhelming 90 off.

However, decliners still outran advancers on the HoSE. Some 123 stocks declined, compared with 116 up and 71 unchanged.

Real estate stocks continued falling. Speculative stocks Ninh Van Bay Real Estate (NVT), Tan Tao Investment Industry Corp. (ITA), Licogi 16 (LCG), DIC Investment and Trading (DIC), Vietnam Mechanisation Electrification and Construction (MCG) largely slipped on strong selling pressures.

Real estate blue-chips Song Da Urban & Industrial Zone Investment and Development (SJS) and Hoang Anh Gia Lai (HAG) were also largely sold at low prices.

Liquidity kept strong on both bourses. Some 82 million shares worth VND1.41 trillion ($67.9 million) were changed hands on the HoSE, while HNX saw 102 million shares worth VND892.7 billion ($43.1 million) traded.