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Saturday,  Nov 25,2017,04:59 (GMT+7)

VN-Index breaks 7-day winning streak

Phuong Thao
Tuesday,  Sep 12,2017,18:17 (GMT+7)
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VN-Index breaks 7-day winning streak

Phuong Thao

HCMC – The stock market broke its seven-day winning streak on September 11 as sellers became active after recent rallies, dragging the VN-Index down 3.73 points, or 0.47%, at 797.47.

According to the stock market news website at vietstock.vn, SAB, a leading brewery in the country, drove the main index up to 805 points in the morning. However, it declined strongly after the lunch break given the high selling pressure.

Aside from SAB and BHN, another brewery that hit the upper limit of VND91,900 a share, large caps including construction firm ROS, electronics retailer MWG and low-cost carrier VJC closed in the red. VNM bounced back slightly from the intraday low but the dairy giant still ended with a 0.47% loss at VND148,200 per share.

MSN, a consumer goods producer, shot up to the ceiling price of VND56,900 per share but stood at VND53,500 at the close, up a slight 0.56% against the previous session with matching volume of 1.86 million shares.

Foreigners bought over three million MSN shares valued at VND161.7 billion via put-through deals, resulting in the total foreign net purchases of 17.2 million shares on the HCMC bourse.

Small stocks also plunged sharply. Property firm FLC again was the most actively traded stock with 17.7 million shares changing hands, losing nearly 3.2% at VND7,330 per share.

The HNX-Index slid 1.03 points, or 0.99%, versus last Friday at 102.89 points as most large caps lost ground.
Among the bank stocks, SHB took the lead by liquidity with 5.6 million traded but fell 1.28% at VND7,700 a share. Meanwhile, ACB declined 2.1% at VND27,500 per share with volume of 2.1 million shares.

Saigon-Hanoi Bank Securities Company predicted the VN-Index would move sideways today. Though the market retreated after a long rising streak, low turnover suggested that the number of sellers was small and investor sentiment remained stable.

Bao Viet Securities Company, meanwhile, said selling pressure would keep rising in the following days as the VN-Index had advanced for three weeks in a row.

Stocks backed by positive information would continue inching up but they are not strong enough to prop up the entire market. Meanwhile, medium and small stocks are expected to correct in the next few days, the brokerage commented.

BIDV Securities Company noted market turnover was dismal as cash just flowed into a number of large-cap stocks. Given market volatility, the index is projected to drop further.

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