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Stocks shake off three-day slump
Domestic stocks managed to snap a three-day losing streak yesterday, with the VN-Index closing up a modest 0.88 per cent to 433.79.
High-profile newcomers Vietcombank (VCB) and Bao Viet Holdings (BVH) both plummeted yesterday. VCB closed off 4.13 per cent to VND58,000, while BVH dropped 4.95 per cent to end the day at VND48,000.
Overall, advancers outnumbered decliners by 105 to 43 on the HCM City Stock Exchange, while trading volume reached 40.6 million shares, worth a total of VND1.5 trillion (US$84.3 million).
Sacombank (STB) continued to hold its place as the most-active share, with nearly 7 million traded, accounting for 17 per cent of total market volume.
On the Ha Noi Stock Exchange, the HNX-Index managed a stronger advance, gaining 2.46 per cent on the day to close at 146. Trading volume on the northern bourse was nearly 20 million shares, worth a combined total of VND623 billion ($35 million).
Market leader Asia Commercial Bank (ACB) represented 18 per cent of volume, with 3.6 million shares traded.
Foreign investors contributed significantly to yesterday’s gains, with strong buys on both markets. They finished the day on the HCM City exchange as net buyers of 3.5 million shares, with a net value of VND 123.8 billion ($7 million) on an overall volume of 7.1 million shares. In Ha Noi, overseas clients traded 1.8 million shares, worth a combined VND64.3 billion ($3.6 million).
Foreigners’ buys concentrating on banking and financial shares, including Sacombank (STB), Bao Viet Holdings (BVH), Bao Viet Securities (BVS) and Sai Gon-Ha Noi Securities (SHS).
VNDirect Securities Co predicted in a report that the VN-Index would return down to the 400-point, an attractive level at which it would then lure capital back into the market.
"The best time for selling shares has passed and massive sells will no longer be reasonable over the next few days," the report said. "The prices of several blue chips have plunged to reasonable levels and decisions to buy in should be considered now."
HCM City Securities Co analysts said that daily trading values in the neighbourhood of VND1.5 trillion were a positive sign and suggested the market was "worth joining," but warned any rallies now might be short-term. They suggested investors carefully observe moves in such "key stocks" as Saigon Securities Inc (SSI) and Kim Long Securities (KLS) over the next few sessions. Saigonbank Berjaya Securities Co, meanwhile, warned that share liquidity and investor sentiment were unstable. The market would still have to accept adjustments and needed to be "more persuasive" to investors in terms of trading value before it would experience a long-term rally.
The struggling public unlisted company market (UPCoM) continued to perform below expectations, with the UPCoM-Index declining another 2.15 per cent to close at 70.91. Shares of securities firms - including Cho Lon Securities (CLS), APEC Securities (APS) and Tan Viet Securities (HIG) - bucked the trend to gain slightly on the day.
Trading volume continued to improve, rising to 401,500 shares for a turnover of VND4.7 billion ($264,000). SME Securities (SME) accounted for nearly half of the volume, with 186,200 shares traded.
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