Shares inched higher on the first day of the week on the Ho Chi Minh Stock Exchange, propped up by Vietcombank’s gain while other blue chips weakened.
|A customer makes transaction at Vietcombank's branch in Hau Giang Province. The bank's shares increased 3.5 per cent yesterday. - VNA/VNS Photo |
Hanoi - Shares inched higher on the first day of the week on the Ho Chi Minh Stock Exchange, propped up by Vietcombank’s gain while other blue chips weakened.
The VN-Index edged up 0.26 per cent to close Monday at 1,054.21 points. The southern bourse’s index gained 4.4 per cent last week.
Liquidity declined to just 475.2 million shares worth VND8.5 trillion (US$360 million), down 32 per cent in volume and 29 per cent in value compared to the previous session.
Blue chips’ rising momentum weakened in the afternoon. Sixteen of the top 30 shares by market value and liquidity on HCM City’s bourse gained while 10 lost and four closed flat.
Vietcombank (VCB) was the biggest gainers in these most influential shares with growth of 3.5 per cent, easing negative impacts of slumps of Vingroup (VIC, down 2 per cent), lender BIDV (BID, down 1.6 per cent) and Mobile World Investment (MWG, down 2.7 per cent).
Regarding sectors, logistics performed well with an average growth rate of 1.4 per cent, the highest among the 25 sectors tracked by vietstock.vn. Growth focused on big companies such as budget carrier Vietjet (VJC, up 1.3 per cent), Vietnam Airlines (HVN, up 5.3 per cent), Logistics Vicem (HTV, up 4.9 per cent) and PetroVietnam Transportation (PVT, up 1.2 per cent).
On the dark side, selling pressure concentrated on retailing with a drop of 2.7 per cent on average. Big losers included MWG and FPT Digital Retail (FRT) down 2.9 per cent.
According to analysts at Viet Dragon Securities Co, prior to the pressure of the 1,065-point resistance level for the VN-Index, the market's upward momentum halted and reversed. When VN-Index got close to this resistance level, cash flow was cautious, and supply pressure picked up at the end of the session.
“After the current surge, it is expected that the market will correct to establish equilibrium in the following session while remaining under selling pressure. Investors should exercise caution and keep an eye out for changes in supply and demand in the near future,” said market analyst Phuong Nguyen.
By contrast, the HNX-Index on the Hanoi Stock Exchange dropped 0.47 per cent to end at 209.67 points. The southern market’s index gained 2.6 per cent last week but remained in the downward trend towards the end of the week.
Liquidity also declined here with the trading volume decreasing 33 per cent from Friday’s level to 48 million shares while value of trades dropped 23 per cent to VND755 billion ($32 million).
| ||Status of foreign currencies in sale or purchase of shares |
Agreements on transfer prices or payment in foreign currencies in the sale and purchase of shares may entail legal risks, potentially leaving transactions invalid.
| ||Shares diverge, but market extends rallies |
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