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VN-Index makes sharp turnaround

Phuong Thao
Saturday,  Oct 7,2017,23:24 (GMT+7)
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VN-Index makes sharp turnaround

Phuong Thao

HCMC – The VN-Index staged a nice rebound on October 4 after a three-day falling streak but turnover kept contracting due to cautious sentiment.

With gainers outnumbering losers by 169 to 92, the main index added 7.66 points, or 0.96%, versus the previous day at 805.66. However, there were only 118.4 million shares worth VND2.4 trillion changing hands at the end of the day, down 27% and 24.8% respectively.

Bank stocks were top contributors to the recovery, with VCB jumping 3.2%, BID up 1% and CTG up 2.2%. Large caps including dairy giant VNM, brewery stock SAB and national gas group GAS also advanced slightly.

On the Hanoi market, ACB was the top gainer as the lender jumped 2% at VND30,900 a share on matching volume of 1.9 million shares. Meanwhile, bank stock SHB climbed 1.3% with over 4.3 million shares exchanged.
The HNX-Index gained 0.84% at 107.43. Like its southern counterpart, turnover on the northern bourse tumbled compared to the previous day with 35.2 million shares worth VND389 billion traded.

Speculative stock KLF was the most actively traded stock with nearly 8.5 million shares changing hands. The trading and food service firm closed at the reference price of VND3,900 a share.

Foreigners raised transaction amid sluggish trading by domestic investors. The investors net bought over VND48.2 billion on the HCMC market and net sold nearly VND1.8 billion on the Hanoi bourse.

According to experts at vietstock.vn, large caps recovered sharply on October 4  while bank stocks strongly attracted cash flow.

VCB alone lifted the main index up by 1.5 points while other banks like MBB, BID and CTG performed well. Bank stocks are expected to rise further in the following days although the main index is still facing a downside risk.

Saigon-Hanoi Bank Securities Company predicted the VN-Index to move sideways and seesaw around the 805-point level. Short-term investors should keep stock ratio at a safe level and watch market developments carefully before making a decision.

Meanwhile, medium and long-term investors should keep good stocks and acquire new stocks with promising outlooks in the third quarter.

Bao Viet Securities Company said the market still face correction risk in the near term. The main index now has the nearest supporting zone between 800 and 805 points while the next resistance is at 815 points. Therefore, investors should remain cautious before stock indexes give better signals.

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