Monday,  Sep 24, 2018,11:16 (GMT+7) 0 0
Stocks gain for sixth straight day
Phuong Thao
Friday,  Sep 8, 2017,16:38 (GMT+7)

Stocks gain for sixth straight day

Phuong Thao

HCMC – The local stock market extended gains to the sixth consecutive session on September 7 but trading remained dismal due to investor caution. The VN-Index added 3.17 points, or 0.14%, against the day earlier at 796.72.

Vietnam’s top brewer SAB continued making the biggest positive movement, jumping 3.1% at VND271,200 a share with matching volume rising to nearly 110,000 shares. Oil and gas stocks advanced nicely, in which GAS rallied 2% at VND66,400 per share with over one million shares changing hands.

In contrast, the steel sector encountered high profit taking pressure. HPG ended its 11-session rising streak with a 1.4% decline, standing at VND35,500 a share while HSG lost 2.9% at VND28,650 per share.

However, the two steelmakers were among the top five for liquidity on the HCMC market with each reporting volume of over 5.2 million shares. Notably, foreigners net sold over one million HSG shares after net buying HSG shares for 12 sessions in a row.

Among small and medium stocks, property firm QCG hit the ceiling price of VND19,900 a share. The enterprise got supporting information that local government had assisted it to speed up site clearance at a realty project.

Property stock FLC and financial investment group FIT took the lead for turnover with 8.8 million shares and 7.3 million shares traded respectively. Meanwhile, construction giant ROS climbed 1.3% at VND118,300 a share on matching volume of 4.1 million shares.

Having fluctuated strongly, the HNX-Index of the northern bourse advanced 0.11% at 104.61, marking the third consecutive winning session. Turnover on the Hanoi market, like in HCMC, was also sluggish with 39.5 million shares worth VND552.5 billion exchanged, down 9.3% in volume and 4% in value versus Wednesday.

In the HNX30 basket, only six stocks managed to gain ground. Construction firm VCS inched up a slight 0.8% while brokerage firm SHS jumped 5.2% at VND16,300 a share with 2.1 million shares exchanged.

Building material producer VGC led advancers for soaring 5.9% at VND19,600 per share with matching volume hitting a six-month high of over 1.9 million shares. SHB was the most actively traded stock, gaining 1.3% at VND7,900 a share with nearly 2.8 million shares traded.

According to Vietnam Investment Securities Company, selling pressure did pile up at the end of the session on September 7, focusing on stocks with good fundamentals such as steelmakers HSG and HPG and construction firm HBC. This is not a bad sign but investors should be cautious at the rising selling pressure.

Though the main index advanced, cash flow still shunned the market. Therefore, the market seems to be accumulating risks, not the uptrend, the brokerage commented.

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