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Friday,  Sep 22,2017,23:56 (GMT+7)

Market uptrend slows down

Phuong Thao
Thursday,  Sep 7,2017,23:53 (GMT+7)
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Market uptrend slows down

Phuong Thao

HCMC – Beverage giant SAB sent the local market up for the fifth straight session on September 6 but the tempo sharply slowed down. The VN-Index ended the day at 793.55, inching up a slight 0.16% against the previous day.

SAB hit intraday high of VND263,000 per share with over 22,460 shares changing hands. Construction firm ROS was also a key contributor to the main index, adding 1.7% at VND116,800 a share on trading volume of five million shares.

Steel stocks extended their winning streak, in which HPG was the third most actively traded stock on the HCMC market with over six million shares traded. Foreigners bought 1.97 million shares of the steelmaker while selling nearly 2.3 million HPG shares.

Among speculative stocks, property firm FLC and agricultural chemical producer HAI slightly rebounded after a steep decline on Tuesday. FLC advanced 0.7% and took the lead for liquidity with 15.4 million shares exchanged while HAI moved sideways at VND10,350 per share on matching volume of 4.2 million shares.

Realty company HAR, meanwhile, again plunged to the floor price of VND9,300 a share on volume of over one million shares.

A recovery of crude oil price sent petroleum stocks up on the Hanoi market, with the HNX-Index gaining 0.11% at 104.5. There were 41.3 million shares worth nearly VND561 billion traded, up 12% and 18% versus Tuesday respectively.  

VCG was the most liquid stock on the northern bourse with 3.8 million shares exchanged. However, the construction firm closed at the intraday low of VND21,000 a share, down 2.3% against the previous day due to rising selling pressure.

KLF, a trading and food service enterprise, ranked second in terms of liquidity with nearly 3.7 million shares. The stock increased 2.8% at VND3,600 a share.

According to vietstock.vn, the large number of falling stocks and low turnover suggested that investors turned cautious at the long winning streak. Foreigners net sold over VND52.5 billion on the HCMC market while net purchasing VND1.5 billion on the Hanoi bourse.

Duong Van Chung, director of the brokerage department of Military Bank Securities Company, expected the market to continue seesawing in a narrow range and rising slightly until November before the VN-Index reaches 830 or 850 points.

Cash flow will focus on stocks with good fundamentals and having not increased strongly. However, investors should only buy stocks if they have collected enough information of enterprises, he said on tinnhanhchungkhoan.vn.

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