MAR­KET MOVES

Viet Nam News - - Front Page -

HAØ NOÄI — The mar­ket wit­nessed strong cor­rec­tions on both ex­changes last week be­cause of heavy profit tak­ing.

How­ever, an­a­lysts sug­gest that this is an op­por­tu­nity for in­vestors to buy shares while await­ing third-quar­ter business re­sults.

The bench­mark VN-In­dex lost a cu­mu­la­tive 3.05 per cent dur­ing the week, clos­ing Fri­day’s ses­sion at 613.29 points.

The slump of blue chips were the main drag as many of th­ese shares lost value, es­pe­cially on Fri­day, be­cause of the port­fo­lio re­struc­tur­ing of ex­change- trade funds (ETF).

Stocks re­moved or scaled down from ETF port­fo­lios sold strongly, such as De­vel­op­ment In­vest­ment Con­struc­tion Co (DIG), Vi­et­com­bank (VCB) and Phuù Myõ Fer­tiliser (DPM), as well as Baûo Vieät Hold­ings (BVH) and Vin­Group (VIC).

The VN30, which tracks the top 30 shares by mar­ket value and liq­uid­ity, de­clined by 2.28 per cent to end the week at 654.54 points.

For­eign in­vestors also con­cluded the week as net sell­ers on the south­ern bourses and un­loaded shares worth VNÑ549.5 bil­lion (US$26 mil­lion). This is the fifth net sell­ing week for this sec­tor.

Ac­tive trad­ing on hot stocks like oil and gas-re­lated compa-

“After four de­clin­ing ses­sions, prices of many stocks have fallen to at­trac­tive ranges that will likely spur de­mand. In the short term, the mar­ket will con­tinue to be sup­ported at the 605

to 610-point mark.” SHB SE­CU­RI­TIES COMPANY

AN­A­LYSTS

nies, seafood pro­duc­ers and se­cu­ri­ties com­pa­nies helped cush­ion the mar­ket and boost liq­uid­ity.

Mar­ket vol­ume on the HCM City’s ex­changes climbed by 16 per cent com­pared with that of the pre­vi­ous week, av­er­ag­ing 196 mil­lion shares worth more than VNÑ3.88 tril­lion ( nearly $ 184 mil­lion) per day.

An­a­lysts at SHB Se­cu­ri­ties Company said that though most of the stocks in the oil and gas sec­tors had in­creased sig­nif­i­cantly in re­cent times and were fac­ing profit- tak­ing pres­sure, prospects for this group re­mained bright

“After four de­clin­ing ses­sions, prices of many stocks have fallen to at­trac­tive ranges that will likely spur de­mand. In the short term, the mar­ket will con­tinue to be sup- ported at the 605- to 610-point mark,” they wrote in a re­port.

An­a­lysts at FPT Se­cu­ri­ties Company pre­dicted that the mar­ket would be dif­fer­en­ti­ated in the fu­ture, and stocks with prospects of pos­i­tive third-quar­ter business re­sults would likely in­crease.

“Re­cent cor­rec­tions will be an op­por­tu­nity for in­vestors to buy shares and await the re­sults of third-quar­ter cor­po­rate earn­ings. In­vestors may pay at­ten­tion to oil and gas and se­cu­ri­ties groups,” the an­a­lysts said.

On the Haø Noäi Stock Ex­change, the HNX-In­dex fell by 0.67 per cent to fin­ish the week at 88.89 points. Liq­uid­ity re­mained high, with nearly 112 mil­lion shares worth VNÑ1.63 tril­lion ($77.3 mil­lion) traded per ses­sion.

Be­cause of ETFs’ port­fo­lio re­struc­tur­ing, for­eign in­vestors were also net sell­ers here, un­load­ing VNÑ310 bil­lion ($14.7 mil­lion) worth of shares. —

Bro­kers match se­cu­ri­ties trad­ing or­ders at May­bank Kim Eng Co. The do­mes­tic stock mar­ket saw strong cor­rec­tions last week. — VNA/VNS Photo

Newspapers in English

Newspapers from Viet Nam

© PressReader. All rights reserved.