Shares extended gains on November 23 but caution appeared among investors after the VN-Index hit its decade-high. (Photo: VNA) Hanoi (VNS/VNA) - Shares extended gains on November 23 but caution appeared among investors after the VN-Index hit its decade-high.
The benchmark VN-Index closed up 0.11 percent at 933.70 points on the HCM Stock Exchange, scoring growth of 4.74 percent since the beginning of this week.
Overall market condition was neutral with 145 stocks rising, 129 falling and 72 ending flat. The divergence, however, was seen among large-cap stocks.
Fourteen of the top 30 largest stocks by market value and liquidity in HCM City declined and 11 advanced.
Gainers continued to focus on banks, securities firms and some large companies, including Vietinbank (CTG), up 4.6 percent; Military Bank (MBB), up 2.1 percent; VPBank (VPB), up 1 percent; HCM Securities (HCM), up 2.1 percent; Saigon Securities Inc (SSI), up 0.2 percent; and VinGroup (VIC) and Vincom Retail (VRE), up 0.7 percent each.
Laggard stocks on November 23 were PV Gas (GAS), Petrolimex (PLX), sugar manufacturer Thanh Thanh Cong Tay Ninh (SBT) and BIDV (BID) which lost between 1.6 percent and 4 percent of value.
Increased profit-taking pressure at the end of the afternoon trade made the market shake sharply and pulled the VN-Index down below the reference price. However, strong cash flow in major stocks made a cushion for the market.
“After several consecutive rallying sessions, caution is gradually appearing among investors, but the market liquidity is still maintaining a high level, which indicates that demand still exists,” analysts at BIDV Securities Company wrote in a report on November 23.
Meanwhile, FPT Securities Company warned investors of rising profit-taking pressure and suggested that investors sell stocks which have gained substantial value and seek opportunities in blue chips that have yet to increase much.
“Cash flow may continue alternating among different stocks and hold up the market in the short term,” they wrote in a note.
On the Hanoi Stock Exchange, the HNX-Index rallied for a second day, up 0.82 percent to close at 110.18 points.
A total of 305.2 million shares worth a combined 6.6 trillion VND (289.5 million USD) were traded in the market, up 17 percent in trading volume but down 8 percent in value compared to the previous session.
Foreign investors were net sellers for a value of 42 billion VND on the main in HCM City’s market, but they picked up net buy of 7.5 billion VND on Hanoi’s exchange.-VNA
VNA
