Profit-taking hits share prices in Ho Chi Minh City
The stock market last week witnessed profit-taking on the blue chips, as capital inflow into speculative stocks increased.
The stock market last week witnessed profit-taking on the blue chips, as capital inflow into speculative stocks increased.
On the Ho Chi Minh City Stock Exchange, the VN-Index closed the first trading week of the Year of the Horse 1.2 percent lower to 549.76 points.
However, the HNX-Index on the Hanoi Stock Exchange rose slightly, by 0.8 percent to 74.78 points.
Last week, the market was open only on February 6-7 after the nine-day Tet (Lunar New Year) holiday.
The trading volume on the southern bourse averaged 107.1 million, with the average trading value at 1.944 trilion VND (92.5 million USD).
On February 7, liquidity topped 2.37 trillion VND (112.8 million USD) on the trading of 124 million shares, while the benchmark index lost 0.89 percent.
The profit-taking was strong on the blue chips last week, which included Masan Group (MSN), insurance company Bao Viet Group (BVH), real estate giant (VIC), Sacombank (STB) and Hoang Anh Gia Lai (HAG), causing losses and dragging down the VN-Index.
The selling by foreign investors was a factor causing these stocks to fall. On February 6, foreign investors boosted selling with a net value of 96.4 billion VND (4.6 million USD).
Speculative stocks were the main supporters of the week, especially stocks in real estate, construction and transportation sectors, such as FLC Group (FLC), Dat Xanh Real Estate Company (DXG), Vitaco (VTO) and Fecon Minerals Company (FCM).
Liquidity also improved on the northern bourse on February 7 with more than 80 million shares traded with a total value reaching 621billion VND (29.5million USD), doubling the figures of February 6.
After being net sellers on February 6, foreign investors returned to become net buyers on February 7. Over the week, foreign investors sold a net value of 45.2 billion VND (2.5 million USD).
HCM City-listed Kinh Do Group (KDC) was active last week, increasing 13.3 percent, and Hanoi – listed PetroVietnam Construction Joint Stock Company (PVX) rose by 20 percent.
According to Vietstock Finance, speculative stocks will remain attractive to investors in February. Profit-taking pressures on blue chips will also be a factor which will impact market transactions, together with expectations about soaring foreign capital inflows and the regulation about increasing foreign stakes at listed companies, to be issued soon, the company said.
According to FPT Securities, the stock market of Vietnam was expected to enter a positive trend in the coming period when the regulation about increasing room for foreign investors was passed.
In the short term, the market might continue to fluctuate with gains and losses.
Vietnam Investment Securities said that selling pressure is expected to continue this week.-VNA
On the Ho Chi Minh City Stock Exchange, the VN-Index closed the first trading week of the Year of the Horse 1.2 percent lower to 549.76 points.
However, the HNX-Index on the Hanoi Stock Exchange rose slightly, by 0.8 percent to 74.78 points.
Last week, the market was open only on February 6-7 after the nine-day Tet (Lunar New Year) holiday.
The trading volume on the southern bourse averaged 107.1 million, with the average trading value at 1.944 trilion VND (92.5 million USD).
On February 7, liquidity topped 2.37 trillion VND (112.8 million USD) on the trading of 124 million shares, while the benchmark index lost 0.89 percent.
The profit-taking was strong on the blue chips last week, which included Masan Group (MSN), insurance company Bao Viet Group (BVH), real estate giant (VIC), Sacombank (STB) and Hoang Anh Gia Lai (HAG), causing losses and dragging down the VN-Index.
The selling by foreign investors was a factor causing these stocks to fall. On February 6, foreign investors boosted selling with a net value of 96.4 billion VND (4.6 million USD).
Speculative stocks were the main supporters of the week, especially stocks in real estate, construction and transportation sectors, such as FLC Group (FLC), Dat Xanh Real Estate Company (DXG), Vitaco (VTO) and Fecon Minerals Company (FCM).
Liquidity also improved on the northern bourse on February 7 with more than 80 million shares traded with a total value reaching 621billion VND (29.5million USD), doubling the figures of February 6.
After being net sellers on February 6, foreign investors returned to become net buyers on February 7. Over the week, foreign investors sold a net value of 45.2 billion VND (2.5 million USD).
HCM City-listed Kinh Do Group (KDC) was active last week, increasing 13.3 percent, and Hanoi – listed PetroVietnam Construction Joint Stock Company (PVX) rose by 20 percent.
According to Vietstock Finance, speculative stocks will remain attractive to investors in February. Profit-taking pressures on blue chips will also be a factor which will impact market transactions, together with expectations about soaring foreign capital inflows and the regulation about increasing foreign stakes at listed companies, to be issued soon, the company said.
According to FPT Securities, the stock market of Vietnam was expected to enter a positive trend in the coming period when the regulation about increasing room for foreign investors was passed.
In the short term, the market might continue to fluctuate with gains and losses.
Vietnam Investment Securities said that selling pressure is expected to continue this week.-VNA
You should also see
Leaders pay tribute to President Ho Chi Minh on National Reunification Day
Leaders and former leaders of the Party, State, Government, National Assembly (NA), and Vietnam Fatherland Front (VFF) paid tribute to President Ho Chi Minh at his mausoleum in Hanoi on April 26 on the occasion of the 49th anniversary of the Liberation of the South and National Reunification Day (April 30, 1975-2024).
See more
Business
Dak Lak firm pioneers in following EUDR in coffee production
The Dak Lak September 2 Import-Export Company Limited (Simexco) has pioneered in building coffee growing areas following the EU Deforestation Regulation (EUDR), it announced on April 25.
Business
Dong Nai calls for Korean investment into green growth
The southern province Dong Nai introduced its investment projects and incentives to the Republic of Korea (RoK)’s firms at a workshop in Seoul on April 25.
Business
Vietnam ranks fifth among aquatic product suppliers for Singapore
Vietnam jumped one place to become the fifth largest exporter of aquatic products to Singapore for the first time in the first quarter of this year, according to its Trade Office in the city state.
Business
Forum seeks ways to boost exports amid external challenges
Experts gathered at a forum in Ho Chi Minh City on April 25 to seek ways to untangle knots in terms of capital and market for exporters in the context that the ongoing conflicts in many regions are disrupting international trade.
Business
Enterprises want clearer regulations on seafood production
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
