 Shares edge down on rising prudence
Vietnam News - 3/3/2017 9:06:45 AM
(0 ratings. You must sign in to rate.)
Shares edged lower on the two exchanges on Thursday on rising prudence as investors found current valuations no longer attractive.
On the HCM Stock Exchange, the VN-Index sagged for a third day with a loss of 0.3 per cent to close at 707.5 points. The southern index has declined 1.4 per cent in the last three trades.
On the Hà Nội Stock Exchange, the HNX-Index decreased marginally to 86.6 points by the end of the sessions. The northern market index dropped 0.4 per cent in the past three days.
Large-cap stocks slumped with 18 of the 30 largest shares by market value and liquidity on the main bourse in HCM City losing value, while only eight advanced.
Losers included the biggest stocks in major stock groups like dairy giant Vinamilk (VNM), Vietcombank (VCB), BIDV (BID), Vietinbank (CTG), PV Gas (GAS), private equity Masan Group (MSN), insurer Bảo Việt Holdings (BVH), Saigon Securities Inc (SSI) and IT group FPT (FPT).
“Excitement on the market has waned after the earnings report season. Current information is not supportive enough to boost the market,” analysts at FPT Securities Co wrote in a market report.
According to the report, current valuations on the stock market are not appealing enough to attract new investors, though the VN-Index has retreated to the strong support area of 705 points.
On the bright side, budget airline Vietjet (VJC) hit the one-day limit rise of 7 per cent for a third day, settling at VNĐ123,500 (US$5.42) per share. The share price has gained 37.2 per cent after its debut on Tuesday.
Steelmaker Hòa Phát Group (HPG) also rose for a second day with a combined rise of 4.9 per cent after the company said it would raise profit targets by 20 per cent in 2017 to VNĐ6 trillion.
These two shares also topped the most-bought list of foreign investors on Thursday with net values of VNĐ143.4 billion and VNĐ26.3 billion, respectively.
Property stocks continued to attract investments. FLC Group (FLC), Tasco (HUT), Novaland Investment (NVL), Hoàng Quân Consulting-Trading-Service Real Estate (HQC), Kinh Bắc City Development (KBC) and Khang Điền Housing Development (KDH) were among the most heavily traded stocks on the two exchanges.
“Money is focusing on small- and mid-cap stocks. Volatility in the last two sessions is exposing high risks to the market,” analysts at BIDV Securities Co wrote in a note, predicting the VN-Index would fluctuate around 710 points.
Foreign investors were net buyers in HCM City’s market for a net value of about VNĐ125 billion, but they were net sellers on Hà Nội’s bourse for VNĐ2.3 billion.
|
|
|
|