Stocks rebound as blue chips rally
The VN-Index rebounded from a one-month low as blue chips rallied on March 17.
The VN-Index rebounded from a one-month low as blue chips rallied on March 17.
On the Hochiminh Stock Exchange, the Index edged up 0.17 percent to close the session at 581.76 points. The VN30, which tracks the top 30 shares by market value and liquidity, rose 0.1 percent to end at 611.24 points.
The market slumped on March 16 under selling pressure from Market Vectors Vietnam, an exchange-traded fund which is conducting its portfolio reviews this week. Nonetheless, increased trading by risk-taking investors supported the market.
"The likelihood of a steep fall on the market is very small. In our opinion, demand will increase in the coming sessions when the VN-Index fluctuates around 575 points," analysts at Sacombank Securities Co said in a note.
Increases were seen in large-cap stocks on March 17, including Vietcombank (VCB), FPT Corp (FPT), VinGroup (VIC), Bao Viet Holdings (BVH), PV Gas (GAS), Hoang Anh Gia Lai Co (HAG), Saigon Securities Inc (SSI) and Phu My Fertiliser (DPM).
However, as investors only agreed to buy at low prices, their growth was modest and liquidity declined slightly.
The market value dropped 6.6 percent from the previous day's level, totalling nearly 1.7 trillion VND (79.4 million USD) while trading volume reached more than 105 million shares.
With support of strong inflows, FLC Group (FLC) remained the most heavily-traded stock with a whopping volume of 18.3 million shares, far exceeding the second most active code, Tan Tao Investment and Industry Corp (ITA) with 4.9 million shares.
FLC closed flat at 12,000 VND (0.56 USD) a share.
On the Hanoi Stock Exchange, the HNX-Index also recouped 0.32 percent to finish the session at 85.36 points while the HNX30, the tracker of the top 30 shares by market liquidity here, increased 0.54 percent to stand at 163.6 points.
Investors focused on stocks with good fundamentals. This kept liquidity modest with just nearly 53 million shares worth 680 billion VND (31.8 million USD).
KLF Joint Venture Global Investment Co (KLF) was again the leading stock in Hanoi with nearly 15 million shares traded, leaping 3.7 percent to close at 11,100 VND each.
According to analysts at Bao Viet Securities Co, speculative trading in the stocks involving ETFs' portfolio reviews will be maintained throughout the week. However, the market is also showing signs of weakening as bank stocks, the market momentum in the previous period, continue their correction phase.
"In addition, net selling activities by foreign investors which have lasted more than two weeks are fuelling domestic worries," analysts said in a market report.
Foreign investors were mixed. They were still net sellers in HCM City's market when unloading 6.11 billion VND (571,000 USD) worth of shares but returning to be net buyers on the Hanoi's exchange with a pick-up of shares worth 6.87 billion VND (321,000 USD).-VNA
On the Hochiminh Stock Exchange, the Index edged up 0.17 percent to close the session at 581.76 points. The VN30, which tracks the top 30 shares by market value and liquidity, rose 0.1 percent to end at 611.24 points.
The market slumped on March 16 under selling pressure from Market Vectors Vietnam, an exchange-traded fund which is conducting its portfolio reviews this week. Nonetheless, increased trading by risk-taking investors supported the market.
"The likelihood of a steep fall on the market is very small. In our opinion, demand will increase in the coming sessions when the VN-Index fluctuates around 575 points," analysts at Sacombank Securities Co said in a note.
Increases were seen in large-cap stocks on March 17, including Vietcombank (VCB), FPT Corp (FPT), VinGroup (VIC), Bao Viet Holdings (BVH), PV Gas (GAS), Hoang Anh Gia Lai Co (HAG), Saigon Securities Inc (SSI) and Phu My Fertiliser (DPM).
However, as investors only agreed to buy at low prices, their growth was modest and liquidity declined slightly.
The market value dropped 6.6 percent from the previous day's level, totalling nearly 1.7 trillion VND (79.4 million USD) while trading volume reached more than 105 million shares.
With support of strong inflows, FLC Group (FLC) remained the most heavily-traded stock with a whopping volume of 18.3 million shares, far exceeding the second most active code, Tan Tao Investment and Industry Corp (ITA) with 4.9 million shares.
FLC closed flat at 12,000 VND (0.56 USD) a share.
On the Hanoi Stock Exchange, the HNX-Index also recouped 0.32 percent to finish the session at 85.36 points while the HNX30, the tracker of the top 30 shares by market liquidity here, increased 0.54 percent to stand at 163.6 points.
Investors focused on stocks with good fundamentals. This kept liquidity modest with just nearly 53 million shares worth 680 billion VND (31.8 million USD).
KLF Joint Venture Global Investment Co (KLF) was again the leading stock in Hanoi with nearly 15 million shares traded, leaping 3.7 percent to close at 11,100 VND each.
According to analysts at Bao Viet Securities Co, speculative trading in the stocks involving ETFs' portfolio reviews will be maintained throughout the week. However, the market is also showing signs of weakening as bank stocks, the market momentum in the previous period, continue their correction phase.
"In addition, net selling activities by foreign investors which have lasted more than two weeks are fuelling domestic worries," analysts said in a market report.
Foreign investors were mixed. They were still net sellers in HCM City's market when unloading 6.11 billion VND (571,000 USD) worth of shares but returning to be net buyers on the Hanoi's exchange with a pick-up of shares worth 6.87 billion VND (321,000 USD).-VNA
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