Investors monitor stock fluctuations on the ABC Securities trading floor in Hanoi. (Source: VNA) Hanoi (VNA) - Shares were mixed on January7 as investors began to display caution after several consecutive risingsessions. Steel and property shares supported the VN-Index, while marketbreadth was negative.
On the HCM Stock Exchange, the VN-Index inchedup 0.2 percent to close at 675.8 points. The gauge rose 1.7 percent followingfour consecutive rising sessions since December 28.
On the Hanoi Stock Exchange, the HNX-Index edgeddown 0.3 percent to 81.3 points.
The index gained 3.4 percent in five risingsessions since December 27.
“Despite modest gains, the VN-Index has showninitial signs of weakness, with a growing number of falling shares, lowliquidity and volatility of large-cap stocks,” analysts at BIDV Securities Cowrote in a report.
According to the report, the VN-Index is nearingthe "resistance" level of 675 points and will likely experience adownward correction in the next session.
Steel and property stocks rose on Thursday andrescued the index when the number of losing stocks outnumbered the gaining onesby 133-117 and another 72 closed flat on the HCM Stock Exchange.
Hoa Phat Group and Hoa Sen Group (HSG), the twobiggest listed steelmaking companies, gained value, while big realty firms likeTan Tao Investment and Industry (ITA), Kinh Bac City Development (KBC), FLCGroup (FLC) and Sai Gon Thuong Tin Real Estate (SCR), topped the mostheavily-traded stock list.
Only FLC edged down 0.2 percent; another fourreal estate companies climbed between 1.2 percent and 5.3 percent.
According to analysts, the real estate marketwas positive in 2016, but realty stocks remained almost flat and were cheap,giving them room to rise this year. Most were traded below 10,000 VND pershare.
However, other large-cap stocks slumped onJanuary 7 and restrained the market, including Vinamilk (VNM), BIDV (BID),Masan Group (MSN), Military Bank (MBB) and FPT Corp (FPT).
Liquidity dropped slightly with nearly 127million shares worth a combined 2.3 trillion VND (101.3 million USD) traded inthe two markets.
Foreign investors were net buyers in the twomarkets for three consecutive days, but their net buy values decreased from 117billion VND on January 4 to just nearly 29 billion VND on January 5.-VNA
