VN stocks struggle with profit taking

Vietjet aircrafts at Tan Son Nhat International Airport in HCM City. The aviation firm's shares rose 2.4 per cent on Monday. - Photo vietjetair.com

The benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 0.30 per cent to end the first day of the week at 881.65 points after rising as much as 1.07 per cent.

The VN-Index gained total 2.83 per cent last week. It has increased by total 0.93 per cent in the last three trading days since last Thursday.

The market traded in the positive territory during the day but stronger profit taking in the later half of the afternoon sent some stocks down.

The large-cap tracker VN30-Index narrowed its growth to 0.24 per cent from as much as 1.20 per cent.

Sixteen of the 30 largest stocks by market capitalisation and trading liquidity in the VN30 basket declined while 14 increased.

The best gainers in the large-cap group included brewer Sabeco (SAB), Vietinbank (CTG), aviation firm Vietjet (VJC), dairy producer Vinamilk (VNM), property firm Novaland (NVL) and steel producer Hoa Phat (HPG).

Sabeco shares jumped 5.2 per cent apiece while other stocks gained between 1.0 per cent and 2.4 per cent.

On the opposite side, Hoang Huy Investment and Financial Services (TCH), sugar firm Thanh Thanh Cong-Bien Hoa (SBT), Techcombank (TCB), SSI Securities (SSI) and retailer Phu Nhuan Jewellery JSC (PNJ).

These five stocks lost between 1.3 per cent and 2.6 per cent.

Profit taking also tackled mid-cap and small-cap groups, sending the two sector indices down 0.83 per cent and 1.11 per cent, respectively.

By sector, insurers, consumer firms and material producers remained positive with the three industry indices rising 0.7 per cent and 2.4 per cent, according to vietstock.vn.

Insurer Bao Viet Holdings (BVH) jumped 3.9 per cent to boost the insurance industry. The stock soared 4.6 per cent in the morning session.

On the Ha Noi Stock Exchange, the HNX-Index fell 0.78 per cent to end Monday at 124.85 points.

The northern market index had gained total 7.53 per cent in the previous eight straight days.

More than 421.2 million shares were traded on the two exchanges, worth VND7.34 trillion (US$317 million).

According to Thanh Cong Securities Co (TCSC), trading liquidity remained high on Monday to prove there is still room for the VN-Index to gain and test the peak of 895-905 points.

“The market will struggle on its way as investors have begun locking in profits, especially after local stocks have gained substantially,” the company said in its daily report.