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Tuesday,  Oct 17,2017,20:10 (GMT+7)

Stocks bounce back slightly

Phuong Thao
Wednesday,  Sep 20,2017,00:07 (GMT+7)
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Stocks bounce back slightly

Phuong Thao

HCMC – The local stock market resumed its uptrend after one session of correction on September 18 but cautious sentiment kept turnover at a low level.

According to tinnhanhchungkhoan.vn, small stocks and large caps such as dairy group VNM and brewery firm SAB sent the market up to 810 points in the afternoon phase. However, as selling pressure increased at the psychological resistance level and buyers became cautious, the VN-Index retreated with turnover declining.

At the close, the main index still rose a slight 2.05 points, or 0.25%, against last Friday at 807.87. Trading volume on the HCMC market gained 14% at 173.9 million shares but value dropped around 10% at VND3.7 trillion.

Real estate company FLC remained the most actively traded stock with 11.9 million shares changing hands, adding nearly 2.4% at VND7,700 a share, followed by FIT and OGC, which were active in the finance sector, with 9.2 million shares and 7.9 million shares respectively.

Having advanced for four consecutive sessions, the textile stock TCM tumbled after its fabric warehouse in HCMC’s Tan Phu caught fire on Sunday. The textile and garment enterprise lost 5.6% at VND28,600 a share with volume soaring to nearly 3.4 million shares.

The HNX-Index increased for the second straight session, rising 0.62% at 105.13. Turnover on the Hanoi market sharply improved, with volume and value surging 47.5% and 44.3% at 80 million shares worth VND807.7 billion.
Among bank stocks, SHB took the lead for liquidity with 19.6 million shares traded, gaining 2.6% at VND7,900 a share. ACB increased slightly at VND28,200 per share on volume of 1.2 million shares.

Foreigners stayed on the selling side, net selling over VND66.2 billion on the southern market and VND16.2 billion on the northern exchange.

ASEAN Securities Company expected the VN-Index to test the nearest resistance zone from 810 to 815 points today.

For a negative scenario, the main index may drop to 800 to 805 points and investors can consider buying more shares. Otherwise, they may offload shares if the index breaks below the level.

Meanwhile, Saigon-Hanoi Bank Securities Company forecast a positive scenario due to a high number of rising stocks on September 18. The VN-Index is projected to approach the psychological resistance of 810 points today.

Bao Viet Securities Company said that the September 18 recovery brought about better signals than last week. The market may continue rising in the short term with cash flow focusing on stocks having supporting information and bright business prospects in the third quarter.

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