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Stocks flat on sluggish trade
Phuong Thao
Friday,  Sep 22, 2017,00:33 (GMT+7)

Stocks flat on sluggish trade

Phuong Thao

HCMC – Trading on the HCMC was dismal on September 20 as the VN-Index closed almost flat and turnover plummeted due to investor caution.

The main index dropped a fractional 0.01% against the previous session at 805.86. There were 150.7 million shares worth VND3.2 trillion changing hands at the end of the day, falling 12.8% and 15.9% versus Tuesday respectively.

Property stock FLC again took the lead for liquidity with nearly 9.5 million shares exchanged, followed by realty trading firm HQC with 9.3 million shares. FLC closed up a slight 0.13% at VND7,670 a share while HQC moved flat at VND3,290 per share.

SBT plunged to the floor price of VND27,000 a share on matching volume of 3.9 million shares. The sugar producer encountered strong selling pressure although Thanh Thanh Cong Investment Joint Stock Company had registered to buy five million SBT shares.

The Hanoi market bounced back slightly with the HNX-Index gaining 0.43% at 105.18. However, the trading value slid 5% to more than VND634 billion.

SHB closed at the intraday high of VND8,200 a share, rising 3.8% against the previous session. The lender was the most actively traded stock on the northern exchange with 22.7 million shares exchanged, in which foreigners net purchased 6.2 million SHB shares.

KLF, a trading and food service firm, went up to the ceiling price of VND5,200 per share on matching volume of 4.4 million shares. The stock hit the upper limit for the fourth straight session.

Foreigners also reduced transaction, net buying a slight VND7.5 billion on the southern market and VND30.9 billion on the northern exchange.

Experts at said that most stocks have yet to see positive outlook though the VN-Index has increased steadily over the past time. In addition, some pillar stocks have faced rising selling pressure due to poor turnover.

Given sluggish trading and seesaw developments of large caps, the main index is unlikely to beat the 810-point level in the following days. The market is expected to move in a narrow range due to low cash flow into large caps, they commented.

According to Saigon-Hanoi Bank Securities Company, the VN-Index may move sideways between 802 and 810 points. The main index needs to break through the zone to establish a clear tendency in the coming time.

Military Bank Securities Company said that poor turnover suggested cautious sentiment among investors. Today, the VN-Index and HNX-Index may test supporting levels at 803 points and 104 points respectively.

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