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New Year stock trade moves sideways
Local stocks moved sideways in the first session of the New Year on Thursday with the VN-Index and liquidity almost unchanged from the previous session.
Several full foreign room tickers such as REE, DMC, TCM and FPT rallied in early trade but their momentum weakened towards the close as no news came out from the much expected foreign ownership limit proposal. In addition, blue-chips such as MSN, VIC and VNM could not hold on to their early gains.
The VN-Index closed the day at 504.51, edging down a slight 0.12 point, or 0.02%, against the last session of 2013. Liquidity on the southern bourse improved by a marginal 4% to VND906 billion on a volume of 57.7 million shares.
On the Hanoi market, the VN-Index managed a slight gain of 0.13% to 67.93 as PVX hit the ceiling price. Liquidity was also flat with 33.4 million shares worth VND268 billion changing hands.
Foreigners, despite remaining on the buying side on both bourses with a total net buying value of VND36.6 billion, had a light trading day. They accounted for less than 7% and 2% of total market turnover on the southern and northern exchanges respectively.
Viet Dragon Securities Company (VDSC) said the VN-Index seesawed in the green in most of the session but finally closed in the red due to the losing blue-chips.
On the other hand, pennies became the spotlight as many investors shifted to buy shares at lower prices, sending most tickers surging to the ceiling prices. Despite positive information about the sharp increase in the Purchasing Managers’ Index (PMI) in December, the market only staged a brief rally and then quickly saw flat trading. Moreover, liquidity on both exchanges declined slightly from the previous session.
In general, investors were very cautious as they were waiting for approval of the foreign room expansion draft. Besides, as the traditional Lunar New Year holiday is nearing, many investors might be taking a pause and liquidity is expected to drop further in the coming sessions, VDSC said.
“Weak demand has obstructed the market’s recovery and we are still concerned about pullback risk. We think that the market would see more correction sessions in the coming days, hovering between 505 and 515 points. We suggest that investors observe the market carefully and consider picking up some good shares during falling sessions.
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