VN-Index down on continued congestion, HNX-Index extends gains

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The VN-Index edged down 0.39 per cent to end Tuesday at 1,179.90 points. — Photo vietnamfinance.vn
Shares advanced on the Ha Noi Stock Exchange but slipped on HCM City’s bourse on Tuesday, partly due to continued congestion on the southern bourse’s system.

Ending Tuesday, the HNX-Index added 0.25 per cent to close the trade at 275.88 points. The northern bourse index has increased for 10 consecutive sessions, gaining more than 11 per cent since early March.

More than 168 million shares worth almost VND2.8 trillion (US$121 million) were traded in the northern bourse.

Meanwhile on the Ho Chi Minh Stock Exchange, the VN-Index edged down 0.39 per cent to end Tuesday at 1,179.90 points.

According to analysts at vietstock.vn, the trading system on the southern bourse was “frozen” again since 1.30pm after liquidity reached more than VND11 trillion (US$474 million) in the morning session. Orders not being processed frustrated investors.

Only over VND4 trillion worth of shares were traded in the afternoon, lifting the total trading value to VND15.3 trillion with nearly 684 million shares changing hands.

Information technology shares outperformed the market on Tuesday with FPT Corp (FPT) gaining nearly 6 per cent and CMC Corp (CMG) rising 5 per cent.

Securities, oil and gas and banking were the three groups suffering great selling pressure. Leading companies such as Saigon Securities Inc (SSI), PV Gas (GAS), PV Power (POW), Vietcombank (VCB), Vietinbank (CTG) and BIDV (BID) all declined.

Large caps also dragged the market when 22 out of the 30 largest shares by market value and liquidity on HCM City’s bourse lost value and only seven gained.

Besides FPT, big gainers include Vincom Retail (VRE), up 1 per cent; Hoang Huy Financial Investment Services (TCH), up 4 per cent; Petrolimex (PLX), up 1.2 per cent; Mobile World Investment (MWG) and Ho Chi Minh Development Bank (HDB) both up below 1 per cent.

According to Bao Viet Securities Co, the VN-Index continues to fluctuate between the upper bound of 1,185-1,200 points and lower bound of 1,150-1,155 points. The peak zone of 1,190-1,200 points is still a strong resistance level in terms of sentimental and technical factors.

“The blue-chip stocks are likely not to have any sudden changes in the trend this week while cash flow will focus on small and medium-cap stocks during this period,” analyst Tran Xuan Bach said in a note.

Meanwhile, BIDV Securities Co predicted the market might continue correcting in the next few sessions but would not fall deeply.

In addition, foreign investors were still net sellers on both bourses. They were responsible for total net sell value of nearly VND258 billion on Tuesday. — VNS

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