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Market trend turns unpredictable

Phuong Thao
Thursday,  Mar 8,2018,17:26 (GMT+7)
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Market trend turns unpredictable

Phuong Thao

HCMC – Unpredictability on March 7 remained the norm of the stock market in HCMC as the VN-Index of the Hochiminh Stock Exchange approached the supporting level of 1,120 points, having bounced back strongly in the previous session.

The VN-Index lost 8.03 points, or 0.72%, at 1,112.26 since losers slightly outnumbering gainers by 149 to 145. Trading volume on the HCMC exchange rose 18% versus Tuesday at 279 million shares and value increased 7% at VND7.6 trillion.

Speculative stocks strongly attracted cash flow. FLC, a property firm, inked a deal to buy 24 aircraft for its upcoming airline. FLC went up to the ceiling price of VND5,990 per share and took the lead by volume on the HCMC bourse with 24.3 million shares changing hands.

Other associated firms of FLC also performed well, with agricultural firm HAI and mining enterprise AMD hitting their respective upper prices of VND4,820 and VND5,220 a share. Construction firm ROS made the mildest rise, adding 2.9% at VND139,000 per share.

Property firm HAG was the second most actively traded stock with volume of 11.5 million shares, gaining 3.4% at VND6,990 a share. Its agricultural affiliate HNG shot up to the ceiling price for the second straight session.

The banking sector, meanwhile, came under strong profit taking pressure. VPB was the only gainer in this group, adding 0.3% at VND62,000 per share, while STB, which ranked third by liquidity with nearly 10.6 million shares changing hands, lost 1.6% at VND15,050 per share.

Among oil and gas stocks, GAS fell 1.8% at VND114,800 a share and PLX declined 3.8% at VND83,300 per share. VNM, a dairy giant, saved the main index from falling further as it jumped over 2% at VND206,100 per share.

The Hanoi market performed poorer than the HCMC market as most large caps sharply decreased. The HNX-Index slid 1.36% at 125.6 points but trading volume and value improved 26.2% and 9.7% from the previous day at 72.4 million shares and VND1.1 trillion.

Among the top 10 heavyweights, only industrial firm VCS and infrastructure developer DL1 managed to rise 1.1% and 0.2% at VND228,000 and VND46,000 per share respectively. In contrast, lender ACB fell 1.5% at VND45,200 a share with five million shares matched.

SHB was the volume leader with 21 million shares traded, slumping around 4% at VND12,200 per share. PVS, an oil and gas firm, declined 2.4% at VND24,400 per share with volume of four million shares.

KLF, another associated firm of FLC, was the second most actively stock with 5.4 million shares traded. The trading and food service enterprise closed at its upper limit of VND2,500 per share.

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