Monday,  Jul 16, 2018,04:23 (GMT+7) 0 0
Brokerages see slight correction this week
Phuong Thao
Monday,  Sep 18, 2017,16:37 (GMT+7)

Brokerages see slight correction this week

Phuong Thao

HCMC – The VN-Index stood firm above 800 points last week but securities firms have predicted a further decline this week as turnover showed little or no sign of improvement.

According to Bao Viet Securities Company, the market maintained growth momentum last week and it was large-cap stocks which made the most contributions to the rally. Cash flow was weak and turnover was sluggish, though.

If stock trading revenue does not improve, the market might undergo a correction in the near term, it said in a recent report.

BIDV Securities Company said market movements showed no clear trend last Friday. Investors focused on big-cap stocks as they were waiting for portfolio rebalancing by exchange traded funds.

Last Friday’s decline was a technical correction. Investors still have chance of buying more stocks which are actively traded.

FPT Securities Company also projected the VN-Index would correct this week as technical signs indicated risks. Investors are advised to follow market developments.

Under the current circumstances, cash holders should grasp any opportunities to buy stocks with positive prospects in the third quarter of 2017, the brokerage commented.

Meanwhile, Viet Capital Securities Company said it expected the market to continue rising this week. But the VN-Index and HNX-Index might be challenged at 815 points and 105.5 points respectively.

With three rising and two falling sessions last week, the VN-Index added 0.58% to close at 805.82 points. The HNX-Index gained 0.55% at 104.49 points.

Turnover was mixed on both exchanges. The HCMC market saw its average matching volume down a slight 1.33% from a week earlier at 138.8 million shares per session while that on the Hanoi market picked up 21% at 44.9 million shares.

Last Friday, the market returned to the seesaw trading pattern given investor caution, which normally happens during the portfolio restructuring by exchange traded funds.

Foreign investors net sold over VND333 billion of shares on both exchanges. Their net sales amounted to VND385.5 billion on the southern bourse and their net purchases totaled nearly VND52 billion on the northern exchange.

Real estate firm HAR led the advancers on the HCMC exchange as it edged up nearly 21.6% during the week. Investors strongly acquired HAR shares as chairman Nguyen Gia Bao said he would announce the firm’s strongest ever earnings in the third quarter of 2017.

Share with your friends:         
Publication Permit No. 321/GP-BTTT issued on October 26, 2007
Deputy Editor-in-Chief: Pham Huu Chuong
Managing Editor: Nguyen Van Thang
Assistant Managing Editor: Pham Dinh Dung
Head Office: 35 Nam Ky Khoi Nghia St., Dist.1, Ho Chi Minh City, Vietnam. Tel: (84.28) 3829 5936; Fax: (84.28) 3829 4294
All rights reserved.