Sunday,  Sep 23, 2018,05:48 (GMT+7) 0 0
Market rally loses steam
Phuong Thao
Friday,  Nov 24, 2017,22:18 (GMT+7)

Market rally loses steam

Phuong Thao

HCMC – Having hit a 10-year high at over 940 points, the local stock market then succumbed to the selling pressure on November 23, but the VN-Index still managed a fractional rise at the close.

The main index at the end of the day inched up a slight 1.04 points, or 0.11%, versus the session earlier at 933.7. Trading volume on the HCMC market rose 6.2% at over 223 million shares but value shed 15% at VND5.4 trillion.

Most blue chips retreated after soaring to new highs in the morning phase. Dairy firm VNM and consumer goods producer MSN closed at the reference prices while property enterprise VIC increased a mere 0.7% at VND76,500 a share.

In the oil and gas sector, PLX dropped 2.3% at VND60,500 a share and GAS fell 2.5% at VND80,600 a share. Some bank stocks also lost steam after making nice rallies on Wednesday, in which BID declined 1.6% at the intraday low of VND25,300 per share while VCB lost 0.2% at VND47,900 after three consecutive rising sessions.

In contrast, CTG failed to keep to its ceiling price but the lender still ended with a 4.6% rise, standing at VND23,700 a share on matching volume of nearly five million shares. MBB remained the most actively traded stock in the banking sector with 11.4 million shares exchanged, climbing 2.1% at VND24,700 a share.

Among speculative stocks, FLC underwent strong volatility before closing with gains for the eighth consecutive session. The property firm added 1.2% at VND6,850 a share and took the lead for liquidity on the southern bourse with over 26 million shares exchanged.

On the Hanoi market, the HNX-Index advanced 0.82% at 110.18 with trading volume and value jumping 64% and 57% at 81.9 million shares worth over VND1 trillion.

Among heavyweights, oil and gas stock PVC and construction firm VGC went up to the ceiling prices of VND11,100 and VND25,100 a share. The firms reported high turnover at 1.9 million shares and 2.6 million shares respectively.

SHB increased 2.5% at VND8,300 per share after moving flat for three sessions in a row. The lender was the most liquid stock on the northern bourse with 28.9 million shares traded.

Foreigners turned net sellers on the southern market with a net selling value of VND57 billion. The investors strongly offloaded property stocks such as NVL, DIG and VIC.

Meanwhile, they still net bought over VND7.4 billion on the northern bourse.

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