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Selling pressure restrains momentum in VN
Shares slightly increased yesterday even as selling pressure pared the rise.
The VN-Index at the HCM City Stock Exchange ended just 0.09 per cent higher to 600.93 points. The value of transactions hit nearly VND2 trillion (US$94.3 million), as trading volume reached 114.4 million shares.
The VN30 Index, which tracks 30 blue chips representing the largest stocks by capitalisation and liquidity, lost by 0.11 per cent to 637.21 points.
Only two blue chips fell during the morning session, but the number increased to 10 as the session ended. Kinh Do Confectionery, in particular, slid down by 3.5 per cent.
At the Ha Noi Stock Exchange, the HNX-Index added 0.15 per cent to 90.87 points on a total market value of VND1.1 trillion ($51.8 million). The northern market's blue chips pushed the HNX30 up by 0.34 per cent to 185.11 points.
Foreign investors reduced their sale in HCM City to a net of VND2 billion ($94,300) but increased their activities in Ha Noi to VND8.2 billion ($386,700).
Leading in liquidity were recent surging stocks such as retail group KLF Investment, property developer FLC and Quang Nam Rubber.
While speculative stocks recently demonstrated increasing strength, trading on blue chips was sluggish. "That's bad news," commented independent analyst Duy Hoang.
With minimal supportive information, trading will depend on each investor's taste, so speculative stocks will continue to rise, FPT Securities analysts predicted. Meanwhile, VNDirect Securities predicted sluggish trading but lower risks in future sessions.
bizhub
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