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Stocks remain upward despite heavy sell-off
Stocks continued to rise on Jan. 18, despite higher profit-taking pressure. In HCM City, the VN-Index gained 0.46 per cent from Monday to close at 497.43 points, following strong gains by insurer Bao Viet Holdings (BVH) and Masan Group (MSN). BVH rose VND4,000 while MSN rose VND3,500.
Other blue chips performing well included PetroVietnam Finance (PVF), up VND1,200; Phu My Fertiliser (DPM) and Hoa Phat Group (HPG), up VND100.
Profit-taking had a negative effect on others, with Sai Gon Securities Inc (SSI), finance conglomerate Ocean Group (OGC), Eximbank (EIB), VietinBank (CTG) and property trader Vincom (VIC) all losing ground.
Trading volume remained brisk at 40.8 million shares with a total value of VND1 trillion (US$51.1 million).
In Ha Noi, the HNX-Index retreated by 1.43 per cent to end at 107.46 points.
Losers, with 236 stocks, were four times higher than gainers. PetroVietnam Insurance (PVI) was the only blue chip to gain points, by VND400, while the remainder suffered big losses.
Volume dropped to 29.2 million shares, from 34.4 million on Monday, worth a total of VND557 billion ($26.5 million).
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