VN Index falls after eight-day rally

  • 06:42 - 2017/12/01

Shares fell slightly on the HCM Stock Exchange as large-cap stocks were hit by profit-taking after the index touched a fresh 10-year high of 960 points.

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Investors at the Saigon Securities Inc office in Hanoi

The benchmark VN Index dropped 0.23 percent to end at 949.93 points on November 30, ending its previous eight-day increase of nearly 7 percent in total.

The benchmark index rose as much as 0.83 percent during the session.

More than 249.6 million shares were traded on the southern exchange, worth 6.5 trillion VND (289 million USD).

Trading liquidity increased by 8.6 percent in volume and 17.5 percent in value compared to the previous day.

The market breadth was positive with 153 gaining stocks, 128 declining ones and 51 shares ending flat.

Large-cap stocks were mixed as half of the 30 largest shares by market capitalisation in the VN30 Index fell, pulling the VN30 Index down 0.37 percent to 943.05 points.

Among decliners were brewer Sabeco (SAB), Vietcombank (VCB), Sacombank (STB), food and beverage firm Masan (MSN) and insurance-finance group Bao Viet Holdings (BVH).

Those listed firms saw share prices decline between 0.8 percent and 4.1 percent. Sabeco shares lost 2.9 percent after having climbed a total of 12 percent in two sessions.

The other four large-cap stocks also suffered from the same condition. VCB was down 1 percent from a three-day rise of 3.4 percent and STB edged down 0.7 percent from a four-day rally of 6.9 percent.

The State Capital Investment Corporation (SCIC), which represents the Government to manage the State’s capital in local companies, announced on November 30 that its divestment from FPT Corp and Binh Minh Plastic would be delayed until next year instead of taking place this month.

The national wealth fund SCIC had previously planned to sell the State’s stakes in those firms between December 8 and 13.

FPT and Binh Minh Plastic shares fell 1.5 percent and 1.1 percent on the news.

Saigon-Hanoi Securities Company (SHS) wrote in its daily report that the VN Index failed to extend growth further because investors sought to profit as the index hit a new 10-year high.

However, investor confidence seemed to remain positive as “the green colour still dominated the market trading with advancers outnumbering losers, boosting opportunities for investors that are looking for short-term profits,” SHS said.

The November 30 slight fall was considered necessary for the market to settle down before rising to higher levels, the brokerage firm said, adding that the VN Index is forecast to bounce back on December 1 to reclaim the 950-point level.

On the Hanoi Stock Exchange, the HNX Index added 0.68 percent to finish at 114.72 points. It has extended its growth for a second day, rising a total of 2.9 percent.

More than 74.5 million shares were traded on the northern exchange, worth 1.07 trillion VND.

Source: VietNamNet

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