Stocks posted modest gains throughout last week, driven by bluechips, but retreated towards the end of the week when reaching thestrong resistance level of 610 points.
On the Hochiminh StockExchange, the benchmark VN-Index climbed 1.94 percent during the week,closing at 605.43 points on August 8.
Growth of large-cap shares,such as VinGroup (VIC), Masan Group (MSN), Vinamilk (VNM) and PV Gas(GAS) sustained the market development.
Further, thanks to anadvance by the largest market capitalisation share GAS, which hit thehighest value in its trading history of 117,000 VND per share on August5, the VN-Index surpassed the difficult psychological landmark of 600point.
Also, the VN30, which tracks the top 30 shares by marketvalue and liquidity, increased a cumulative 1.09 percent to end the weekat 641.93 points.
Liquidity improved over the previous week,with the daily trading volume rising some 20 percent to nearly 90.5million shares, worth 1.673 trillion VND (79.3 million USD) per session.
However,according to analysts of FPT Securities Company, the market will hardlysee a strong increase due to a lack of support information in theAugust period. Speculative money will likely pour into small-cap stocks,which have sound indicators and positive information.
"Therefore,investors should hold cash at a rational level and await the market tofall below 600 points before starting new investments," Nguyen Van Quy,an analyst of FPTS, wrote in a report.
On the Hanoi Stock Exchange, the HNX-Index gained a cumulative 2.45 percent to end the week at 80.94 points.
Activetrading of hot stocks, such as PetroVietnam Construction (PVX), SaiGon-Ha Noi Bank (SHB), KLF Joint Venture Global Investment Company(KLF), PetroVietnam Technical Services Corporation (PVS) and F.I.TInvestment Company (FIT), supported the market.
The market volumegrew over 28 percent compared with the previous week, averaging 46.5million shares worth 559.35 billion VND (26.5 million USD) per day.
However,while domestic investors increased buying, foreigners turned heads tosell local shares last week, a move that analysts warned could reversethe market trend.
Meanwhile, foreign investors were responsiblefor a total net sales value of 577.2 billion VND (27.4 million USD) onthe two markets, of which they unloaded up to 574 billion VND (27.2million USD) worth of shares on the HCM City's bourse. Their sellingfocused on Masan Group (MSN), which totaled 229 billion VND (10.9million USD), and confectionery Kinh Do Corporation (KDC), with a valueof 183 billion VND (8.7 million USD).
According to the technicalanalysis of VNDirect Securities Company, the market will likelycontinue its uptrend this week thanks to its stable liquidity.-VNA
On the Hochiminh StockExchange, the benchmark VN-Index climbed 1.94 percent during the week,closing at 605.43 points on August 8.
Growth of large-cap shares,such as VinGroup (VIC), Masan Group (MSN), Vinamilk (VNM) and PV Gas(GAS) sustained the market development.
Further, thanks to anadvance by the largest market capitalisation share GAS, which hit thehighest value in its trading history of 117,000 VND per share on August5, the VN-Index surpassed the difficult psychological landmark of 600point.
Also, the VN30, which tracks the top 30 shares by marketvalue and liquidity, increased a cumulative 1.09 percent to end the weekat 641.93 points.
Liquidity improved over the previous week,with the daily trading volume rising some 20 percent to nearly 90.5million shares, worth 1.673 trillion VND (79.3 million USD) per session.
However,according to analysts of FPT Securities Company, the market will hardlysee a strong increase due to a lack of support information in theAugust period. Speculative money will likely pour into small-cap stocks,which have sound indicators and positive information.
"Therefore,investors should hold cash at a rational level and await the market tofall below 600 points before starting new investments," Nguyen Van Quy,an analyst of FPTS, wrote in a report.
On the Hanoi Stock Exchange, the HNX-Index gained a cumulative 2.45 percent to end the week at 80.94 points.
Activetrading of hot stocks, such as PetroVietnam Construction (PVX), SaiGon-Ha Noi Bank (SHB), KLF Joint Venture Global Investment Company(KLF), PetroVietnam Technical Services Corporation (PVS) and F.I.TInvestment Company (FIT), supported the market.
The market volumegrew over 28 percent compared with the previous week, averaging 46.5million shares worth 559.35 billion VND (26.5 million USD) per day.
However,while domestic investors increased buying, foreigners turned heads tosell local shares last week, a move that analysts warned could reversethe market trend.
Meanwhile, foreign investors were responsiblefor a total net sales value of 577.2 billion VND (27.4 million USD) onthe two markets, of which they unloaded up to 574 billion VND (27.2million USD) worth of shares on the HCM City's bourse. Their sellingfocused on Masan Group (MSN), which totaled 229 billion VND (10.9million USD), and confectionery Kinh Do Corporation (KDC), with a valueof 183 billion VND (8.7 million USD).
According to the technicalanalysis of VNDirect Securities Company, the market will likelycontinue its uptrend this week thanks to its stable liquidity.-VNA
