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Small stocks support local bourses
Markets finished mixed at the end of yesterday's session, with liquidity declining over the previous day's trading.
On the HCM City Stock Exchange, the VN-Index shed 0.14 per cent to 507.71 points, while the VN30 tracking the southern city bourse's top shares added 0.4 per cent to close at 570.56 points.
The VN30 gained thanks to PetroVietnam Low Pressure Gas Distribution (PGD) hitting its daily increase limit, Sacombank (STB) – up 4.6 per cent, Ocean Group (OGC) – up 1.8 per cent and Eximbank (EIB) – up 1.5 per cent.
Many small stocks hit their ceiling prices yesterday, such as telecoms equipment maker Viet-Han (VHG), minerals firm Tai Nguyen (TNT), Viet Nam Sea Transport and Chartering (VST), Bien Hoa Sugar (BHS), property developer FLC (FLC) and MT Gas (MTG).
Most blue chips retreated, including Vinamilk (VNM), Masan Group (MSN) and insurer Bao Viet (BVH).
Total value of trades reached over VND1 trillion (US$47.1 million) on a volume of 82.13 million shares.
On the Ha Noi Stock Exchange, the HNX-Index rose 0.13 per cent to finish at 65.28 points.
With nearly 44.3 million shares changing hands, trading value reached VND313.8 billion ($14.8 million).
The HNX30, composed of the exchange's 30 largest stocks in terms of capitalisation and liquidity, fell 0.55 per cent to close at 122.51 points.
Foreign investors bought a net value of just VND6.6 billion ($312,200).
According to FPT Securities Co analysts, the upward trend would be clearer if the VN-Index could break 513 points and the HNX-Index managed to exceed 65.50 points with stable liquidity.
"In the short term, we see the ongoing role of blue chips as the main momentum for the market," they said.
However, strong selling pressure could hit speculative stocks, the analysts added. "We recommend investors sell now and take their profits."
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