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Bullish market pushes Index below 590
Profit-taking made a comeback on Oct. 13 on the HCM Stock Exchange after the VN-Index has passed the psychological barrier of 590 on Oct. 12, pressing the Index on Oct. 13 back down to 589.89, a decline of 0.74 percent.
Trading volume reflected increased activity, however, climbing to 75.9 million shares, worth a combined 3.7 trillion VND ( 207.9 million USD).
Tan Tao Industrial Park (ITA) claimed the position as the most-active share on the HCM City bourse, with 5.2 million traded.
On the Hanoi Stock Exchange, meanwhile, stocks resisted the profit-taking pressure, and the HNX-Index was able to add 0.40 percent to end the day at 197.49.
Value of trades on the northern bourse rose to 2.8 trillion VND (157.3 million USD) on a volume of 62.4 million shares, and Sai Gon-Hanoi Commercial Bank (SHB) saw a second day in the most-active position with a volume of 7 million shares.
The decline of the VN-Index on Oct. 13 continued to demonstrate the hesitance of investors at significant market resistance points, such as 600 on the HCM City market and 200 in Hanoi, said Quach Manh Hao from Thang Long Securities Co.
Extremely high volumes and a bull market were consistently a sign of building pressures to sell, Hao said.
But investors interest on the Hanoi market on Oct. 13 was also notable, Hao said, suggesting an increase overall risk appetite.
Foreign investors also continued as net buyers on both stock exchanges with a combined net volume of 1.5 million shares.
“The returned net buy by foreigners and favourable moves on US market should reduce profit-taking pressure over the next few sessions,” said Hanoi broker Nguyen Duy Tan.
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