VN Index shows signs of correction on investors’ selling

January 12, 2018 | 16:15

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Viet Nam’s benchmark VN Index gained slightly on Friday morning, as selling increased after the index passed the 1,055 point level.

Viet Nam’s benchmark VN Index gained slightly on Friday morning, as selling increased after the index passed the 1,055 point level.

The benchmark index on the HCM Stock Exchange edged up 0.34 per cent to close at 1,051.69 points, narrowing its growth from its peak of 0.9 per cent.

The VN Index advanced nearly 1 per cent on Thursday.

The minor HNX Index on the Ha Noi Stock Exchange was down 0.16 per cent, to end at 122.64 points. It increased by 0.75 per cent on Thursday.

More than 296.3 million shares were traded on the two local exchanges, worth VND7.1 trillion (US$315.5 million).

The market trading condition was negative, dominated by 255 declining stocks against 183 gaining shares.

Such conditions signaled a rough trading session for the market in the afternoon.

The stock market was boosted by rising investors’ interest in property developers, which are expected to deliver positive earnings reports for 2017.

Also, the real estate sector index gained 2.6 per cent, data on vietstock.vn showed.

Among gainers in the property sector were Vingroup (VIC), Vincom Retail (VRE), Da Nang Housing Investment Development JSC (NDN) and VRC Real Estate and Investment JSC (VRC).

Securities firms also advanced on a similar sentiment, including Saigon Securities Inc (SSI), VNDirect Securities (VND) and Vietnam Investment Securities (IVS).

On the opposite side, banks, energy firms and rubber producers remained negative on investor selling.

The afternoon trading session starts at 1pm.

VNA

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