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Tuesday,  Oct 17,2017,20:22 (GMT+7)

HSX continues losing streak, but recovery expected

Thu Nguyet
Monday,  Oct 2,2017,17:26 (GMT+7)
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HSX continues losing streak, but recovery expected

Thu Nguyet

HCMC - The HCMC stock market, or HSX, slid last Friday, triggered by losses of many key stocks on the last trading day of the quarter, while Hanoi exchange’s HNX-Index chalked up small gain.

The VN-Index of HCMC Stock Exchange dipped 0.4 point or 0.05% to 804.42 points with 139.48 million shares worth more than VND3.09 trillion changing hands, down 27.6% and 19.83% against the previous day, respectively.

The main index dropped due to big losses suffered by key stocks such as SAB of Saigon Beer - Alcohol - Beverage Corporation, GAS of PetroVietnam Joint Stock Corporation, and MSN of Masan Group Corporation. SAB closed at the intraday low of VND260,000 per share because of abundant supply, down 2.3% against the previous day. GAS plunged by 2.3% and MSN fell 1.1%.

According to Maybank Kim Eng, the increase of some other stocks, including VNM of Vietnam Dairy Products Joint Stock Company, and VCB of Vietcombank, was not strong enough to support the HCMC bourse.

Meanwhile, Hanoi Stock Exchange seemed to have a bad kick-off on Friday, but its HNX-Index bounced back slightly and finished the trading day with a 0.23 point increase, up 0.21%, to 107.66 points. ACB of Asia Commercial Bank became a major booster which helped the Hanoi bourse’s index end in the green, as the stock gained 1% with 0.92 million shares traded.

Liquidity on Vietnamese stock market, however, fell strongly as matched volume on the HSX contracted 17.3% at 124 million shares worth more than VND2.7 trillion, while Hanoi bourse also suffered a 15% decline on the volume.

Foreign investors last Friday remained net buyers on the both bourses with a foreign net buying value of VND30.58 billion on HSX. Meanwhile, they sold strongly shares of SVI of Bien Hoa Packaging Company, and MSN.

After poor performance in early hours of the afternoon trade, the market for unlisted public companies (UPCoM) wrapped up the trading day up 0.22 point or 0.41% to 54.39 points, with total traded volume of 8.77 million shares worth more than VND114 billion.  

Despite the losing streak of VN-Index, Maybank Kim Eng forecasted a positive outlook, predicting that the downtrend of the stock market will end soon in next several trading days. The company suggested that investors should keep high amount of shares for the coming uptrend.  

According to tinnhanhchungkhoan.vn, last week was not a good time for the stock market but the bright side is that the declines are quite shallow. Besides, the market is said to need more time for some corrections, and investors are advised to be patient and not to buy out shares.

The VN-Index is forecasted to continue fluctuating around 805 points this week, giving investors opportunities to buy more high-yield stocks.

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