VN-Index concludes a winning week

Hanoi (VNA) - Shares extended gains on the HCM Stock Exchange on October 13, concluding the week with positive results for all five sessions.

The benchmark VN-Index increased 0.62 percent to close at 820.95 points, expanding weekly gains to 1.6 percent.

Large caps continued to be major supporter of the market, with 19 of the top 30 largest shares by market value and liquidity advancing and only nine declining.

Big gainers included PV Gas (GAS),  Masan Group (MSN), VinGroup (VIC), brewer Sabeco (SAB), PetroVietnam Drilling and Well Services (PVD), Military Bank (MBB) and Vinamilk (VNM).

Sabeco was the biggest gainer, up 2.3 percent; followed by VinGroup at 1.8 percent; PV Gas and Masan Group, both up 1.6 percent; while others increased by around 1 percent.

However, wide divergence in major stocks was still clear. Insurer Bao Viet Holdings (BVH), Eximbank (EIB), Sacombank (STB), Kido Group (KDC), steelmaker Hoa Phat Group (HPG) and Hoa Sen Group (HSG) tumbled on October 13.

“The market’s uptrend in recent sessions was mostly attributable to the positive movement of large-cap stocks,” Tran Hai Yen, a stock analyst at Bao Viet Securities Co, wrote in a daily report.

Yen said the money flow focusing on large caps and high selling pressure on mid-cap stocks were not positive signals for the general market trend.

“The market is forecast to see a slight downtrend with a wide divergence in the next session,” Yen said.

On the Hanoi Stock Exchange, the HNX-Index edged up 0.67 percent to end at 109.11 points. The northern market index decreased 0.25 percent on October 12.

Liquidity decreased slightly for a second day with the total volume reaching 196.5 million worth a combined 3.9 trillion VND (171.8 million USD) being traded in the two markets, down 1 percent in volume and 17 percent in value compared to the previous day.

According to Saigon-Hanoi Securities Co, the index rising accompanied by declining liquidity indicated increased investor caution. In fact, selling pressure began to increase when the VN-Index touched the daily peak at 818 points. 

“The market’s uptrend will be challenged in the coming session,” they said but added that the positive factor was the return of foreign traders as net buyers in HCM City’s market after a prolonged net selling streak.

Foreign investors continued to be net buyers in HCM City’s market for a total of 51.4 billion VND in the last two sessions. However, they remained net sellers in Hanoi with net value of nearly 18 billion VND.-VNA