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Selling pressure spikes
Phuong Thao
Tuesday,  Feb 27, 2018,21:21 (GMT+7)

Selling pressure spikes

Phuong Thao

HCMC – After soaring to over 1,120 points, the local stock market lost steam after the lunch break on February 26 as investors rushed to lock in profits, heightening the selling pressure.

The VN-Index lost roughly half of its gain in the morning, closing the day up 11.68 points, or 1.06%, versus the previous session at 1,114.53. There were 234 million shares worth VND7.4 trillion exchanged on the HCMC market, up 23.7% and 22.6% respectively.

The banking sector saw aggressive profit taking pressure, pushing STB, MBB, VPB and HDB into the negative territory. STB was the volume leader with 19.2 million shares traded, dipping 2.4% versus last Friday to close at the intraday low of VND16,050 per share.

Meanwhile, leading lenders VCB, BID and CTG managed modest gains. Having added over 4%, VCB ended with a 0.7% rise at VND71,900 per share on volume of over 3.4 million shares while CTG, the second most actively traded stock with over 15 million shares changing hands, increased nearly 1% at VND30,700 a share.

VNM, a dairy enterprise, sharply dragged the main index, falling 1% at the intraday low of VND200,000 a share. In contrast, brewery firm SAB advanced 1.1% at VND242,700 a share.

For the oil and gas sector, PLX went up to the upper limit before settling with a 6.7% gain at VND88,500 per share. Meanwhile, GAS gained 1.8% at VND113,000 a share.

Property enterprise VIC and its retail affiliate VRE continued nice gains, jumping 3.7% and 6.6% at VND95,000 and VND55,000 per share respectively. In the steel sector, HPG climbed 4.5% at VND64,400 per share whereas HSG fell nearly 3.7% at VND24,900 per share.

Most small stocks such as FLC, HAR, SCR and HNG lost ground. KSA, a mining firm, stood out for hitting the ceiling price on matching volume of over 1.1 million shares thanks to strong demand.

The HNX-Index lost a slight 0.05% at 126.18 given that losers outnumbered gainers by 88 to 70. Turnover on the Hanoi market improved sharply with volume and value surging 53.4% and 68.4% at 75.8 million shares worth VND1.4 trillion.

SHB took the lead for liquidity with 31 million shares exchanged but the bank declined 1.5% at VND13,000 a share. Its fellow bank stock VCB gained 1.3% at VND45,300 a share on matching volume of 10 million shares while PVS, an oil and gas enterprise, rose 2.1% at VND23,500 per share with eight million shares traded.

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