Blue chips initiate slight recovery
Shares rose slightly on October 18 after a brief decline on previous day as large-cap stocks recovered on rising optimism over third-quarter earnings prospects.
Investors follow stock movements at the Hanoi Stock Exchange (Photo: tbck.vn)The VN-Index, the measure of 312 stocks on the HCM Stock Exchange, inched up 0.2 percent to close trade at 682 point. It decreased 0.9 percent on October 17.
On the Hanoi Stock Exchange, the HNX-Index tracking 379 stocks managed to close marginally up at 85 points after sinking for most of the trading day. The index also decreased 0.6 percent on October 17.
Many large-cap stocks recovered on October 18, including the highest valued one such as insurer Bao Viet Holdings (BVH); up 2.3 percent; dairy giant Vinamilk (VNM), up 1.3 percent; steelmaker Hoa Phat Group (HPG), up 2.3 percent; and software producer FPT Corporation (FPT), up 1.7 percent.
Some still lost value, including lender BIDV (BID), real estate developer VinGroup (VIC), PV Gas (GAS), Saigon Securities Inc (SSI) and Kinh Bac City Development (KBC) and Tan Tao Investment Industry Corporation (ITA).
“Prices of several blue chips have become attractive after recent deceleration. The declining sessions will likely provide buy-in opportunities for investors in good stocks at reasonable prices,” wrote analysts at Saigon Hanoi Securities Co.
However, the overall market breadth was negative on October 18 as 214 of 692 stocks declined, 209 increased and 269 closed unchanged.
Liquidity increased with over 184 million shares worth almost 3 trillion VN D (134.5 million USD) traded in the two markets, up 19.7 percent in volume and 36.4 percent in value compared to previous day’s levels.
The market was forecast to move sideways in the short term, Tran Duc Anh, analyst at Bao Viet Securities Co, wrote in a note. However, he maintained a positive view on the market outlook in the medium term with the VN-Index reaching 700-710 points.
Lender BIDV on October 18 followed Vietcombank, LienVietPostBank and HDBank to reduce its lending rates. This is a positive signal for the whole economy and is expected to draw other banks to similar action in the near future.
Foreign investors continued to offload local shares. They were responsible for a net sell value of 47 billion VND in the two markets, down 34.7 percent from the previous trade.-VNA
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