Business

Large-caps strongly support VN-Index

Vietnamese shares rallied on February 26 but the uptrend weakened towards the closing minutes due to selling pressure in a number of blue-chips, especially during the ATC session.
Large-caps strongly support VN-Index ảnh 1An investor watches trading at Vietcombank Securities Co’s transaction floor. (Source: VNA)

Hanoi (VNA) -Vietnamese shares rallied on February 26 but the uptrend weakened towards theclosing minutes due to selling pressure in a number of blue-chips, especiallyduring the ATC session.

The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 1.06 percent tosettle at 1114.53 points, falling from the intraday high of 1116.2 points. Ithad gained 2.49 percent to close at 1,102.85 points on February 23.

Meanwhile, the HNX Index on the Hanoi Stock Exchange (HNX) dropped 0.06 pointsto end at 126.18 points. The index rose 1.24 percent to end at 126.24 points onFebruary 23.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) inched up 0.31percent to finish at 59.74 points. It inched 0.43 percent to finish at 59.56points.

More than 336.03 million shares were traded on the three local exchanges, worth9.6 trillion VND (420.7 million USD).

Market trading conditions turned negative on February 26, with 369 decliningstocks against 291 gainers, while 781 other stocks remained unchanged.

As many as 17 of the 30 largest shares by market capitalisation advanced in theVN30 Index.

The VN30 Index was up 0.89 percent to 1.099,71 points, with more than 100.6million shares exchanged, worth 4.67 trillion VND.

Financial-banking and oil stocks were the best-performing among the 20 sectorsin the stock market, with the banking and energy industry indices advancing0.69 percent and 1.71 percent, respectively, according to vietstock.vn.

Blue chip stocks were in strong demand and pulled up the VN-Index, as well asthe VN30, especially in the ATC session, including Hoa Phat Group Joint StockCompany (HPG), up 4.55 percent, Vincom Retail Joint Stock Company (VRE), movingup 6.59 percent, Vietnam National Petroleum Group (PLX), rising 6.76 percent,PetroVietnam Technical Services Corporation (PVS), advancing 2.17 percent andPetroVietnam Drilling & Well Services Corporation (PVD), up 2.17 percent.

The momentum of the market slowed down at the end of the trading day as somestocks faced strong profit taking pressure such as Vietnam Dairy Products JointStock Company (VNM), Saigon Thuong Tin Commercial Joint Stock Bank (STB), PhuNhuan Jewelry Joint Stock Company (PNJ) and Hoa Sen Group (HSG).

Today’s market was partially driven by Vietnam’s exchange-traded funds (ETFs).Some of the stocks that were expected to qualify for the ETF Portfolio in Q12018 sharply increased today, namely VRE and PLX. On the other side, othershares like GTN, FLC and HSG are expected to leave the holding lists of theseETFs.

Foreign investors were net sellers of 173.61 billion VND on HOSE, focused onVNM (68.9 billion VND), VCB (61.8 billion VND) and HDB (30.9 billion VND). Inaddition, they sold a net of 11.66 billion VND on the HNX.-VNA
VNA
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