Investors on a Military Bank Securities Co trading floor in Hanoi (Source: VNA) On the HCM Stock Exchange, the VN-Index sagged for a third day with a loss of 0.3 percent to close at 707.5 points. The southern index has declined 1.4 percent in the last three trades.
On the Hanoi Stock Exchange, the HNX-Index decreased marginally to 86.6 points by the end of the sessions. The northern market index dropped 0.4 percent in the past three days.
Large-cap stocks slumped with 18 of the 30 largest shares by market value and liquidity on the main bourse in HCM City losing value, while only eight advanced.
Losers included the biggest stocks in major stock groups like dairy giant Vinamilk (VNM), Vietcombank (VCB), BIDV (BID), Vietinbank (CTG), PV Gas (GAS), private equity Masan Group (MSN), insurer Bao Viet Holdings (BVH), Saigon Securities Inc (SSI) and IT group FPT (FPT).
“Excitement on the market has waned after the earnings report season. Current information is not supportive enough to boost the market,” analysts at FPT Securities Co wrote in a market report.
According to the report, current valuations on the stock market are not appealing enough to attract new investors, though the VN-Index has retreated to the strong support area of 705 points.
On the bright side, budget airline Vietjet (VJC) hit the one-day limit rise of 7 percent for a third day, settling at 123,500 VND (5.42 USD) per share. The share price has gained 37.2 percent after its debut on February 28.
Steelmaker Hoa Phat Group (HPG) also rose for a second day with a combined rise of 4.9 percent after the company said it would raise profit targets by 20 percent in 2017 to 6 trillion VND.
These two shares also topped the most-bought list of foreign investors on March 2 with net values of 143.4 billion VND and 26.3 billion VND, respectively.
Property stocks continued to attract investments. FLC Group (FLC), Tasco (HUT), Novaland Investment (NVL), Hoang Quan Consulting-Trading-Service Real Estate (HQC), Kinh Bac City Development (KBC) and Khang Dien Housing Development (KDH) were among the most heavily traded stocks on the two exchanges.
“Money is focusing on small- and mid-cap stocks. Volatility in the last two sessions is exposing high risks to the market,” analysts at BIDV Securities Co wrote in a note, predicting the VN-Index would fluctuate around 710 points.
Foreign investors were net buyers in HCM City’s market for a net value of about 125 billion VND, but they were net sellers on Hanoi’s bourse for 2.3 billion VND.-VNA
VNA
