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Market stalls on heavy profit-taking
Accelerated profit-taking on the HCM City Stock Exchange yesterday held the VN-Index largely in place by the end of the day’s trading.
The Index closed off just 0.14 per cent to 582.02 points.
Market volume, meanwhile, remained heavy, at 71.3 million shares, worth a total of VND3.5 trillion (US$196.6 million). Sacombank (STB) claimed as the most active stock with nearly 10.1 million shares.
"Significant growth in some stocks, due mostly to recent market development, excited investors to speed up sales yesterday, dragging down the Index," said Nguyen Duy Tan, a Ha Noi broker.
In addition, declines on global markets last Friday contributed to yesterday’s skittishness, said Tan, noting that financial shares continued to be poor performers on the HCM City exchange.
On the Ha Noi Stock Exchange, the HNX-Index closed up yesterday by just over half-a-per cent to end the session at 184.43.
About 36.7 million shares changed hands on the northern market, worth a total of VND1.56 trillion ($87.15 million), with Kim Long Securities reported as the most-active stock on a volume of 3.9 million shares.
While last Friday’s rebound in share prices signalled short-term excitement, Saigon Securities Inc analysts predicted some hesitation. High market volumes were likely to spur institutional investors to restructure portfolios with an eye to mid- and long-term prospects, they added.
Foreign investors continued to be net sellers on both exchanges yesterday, with a combined net volume of 1.7 million shares, but SSI analysts predicted foreign investor sales would decline this week, assisting market growth.
They also expected the market to follow the typical pattern of gaining session at the end of a fiscal quarter.
Nguyen Xuan Binh from Bao Viet Securities Co said trends would become clearer over the next couple of days. If the VN-Index fell below the supporting level of 572 points, market risks would increase, said Binh.
VNS
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