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Heavy sales end five-day rally
The HCM City Stock Exchange snapped a five-day rally yesterday, as the VN-Index dropped by 1.43 per cent to close at 462.98.
Large sells started at the beginning of the day and there was increasing buyer caution throughout the day, said FPT Securities Co analysts in their daily report.
On a day of active trading on the HCM City market, shares fell across the board, with decliners outnumbering advancers by 127 to 31.
The value of the day’s trades reached a healthy VND2.5 trillion (US$140.4 million) on a volume of 58.4 million shares. Sacombank (STB) continued as the most-active share on the southern market with 8.6 million traded, followed closely by Saigon Securities Inc (SSI), with a volume of 7.5 million.
Foreign investor trading volumes remained moderate, but they were net buyers on the day of 3.1 million shares, worth a net of VND160 million ($9 million).
On the Ha Noi Stock Exchange, the HNX-Index also slid 3.89 per cent to end the day at 154.79 points. Trades totalled VND1.1 trillion ($61.8 million) on a volume of 31.6 million shares.
Kim Long Securities (KLS) landed the spot as the most-active share on the northern exchange, with a whopping 9.7 million shares traded.
Despite the day’s declines, VNDirect Securities Co analysts said the week promised successful developments for domestic stock indices, as trading volumes on the HCM City market had maintained a significant 50-60 million shares per day.
Kim Eng Securities Co strategist Ken Tai Chee Ming said at an online talk on Monday that a short-term target for the VN-Index was 525 points, with supporting signals from global markets. He said there was a high possibility that world markets would rally, with the US’s Dow Jones Industrial Average likely to reach 9,700.
Tai suggested that investors "follow the trend," maintain their holdings and consider picking up more good shares to maximise profits.
Sacombank Securities Co also said in its latest report that recent Government moves to control credit, such as reducing the credit growth rate from 30 per cent to 27 per cent in July, would help stabilise the economy and facilitate stock market growth in the medium term.
On the unlisted public company market yesterday, the UPCoM-Index advanced 3.55 per cent to end the day at just over 77 points, with Agribank Insurance Co (ABI) hitting the ceiling of its regulated trading band.
Trading volume reached about 375,900 shares, worth VND4.9 billion ($275,300). APEC Securities (APS) accounted for 31 per cent of this volume, with 118,250 shares traded.
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