Investors on the trading floor at MB Securities Co. (Photo: VNA) Hanoi (VNA) -Shares declined unexpectedly on March 31 on the two exchanges, beating analystforecasts of a continued rise after the VN-Index surpassed the previousten-year high.
On the HCM StockExchange, the VN-Index sank for the first time in three days, edging down 0.2 percentto close at 722.3 points. The southern index increased 0.7 percent in the lasttwo trades.
On the Hanoi StockExchange, the HNX-Index was down 0.3 percent to end at 90.8 points. Thenorthern index gained 0.6 percent in the previous two sessions.
Banks and food andbeverage companies, which were the main driving force of the market in theprevious sessions, lost their steam.
Except Sacombank (STB)which climbed 1.8 percent and Nam Viet Bank (NVB) closed unchanged, seven otherlisted lenders slumped, including Vietcombank (VCB), Vietinbank (CTG), BIDV(BID), Military Bank (MBB) and Asia Commercial Bank (ACB) which dropped around1 percent each.
Prices of bank shareshave climbed around 10 percent in the last two weeks, driving investors tocapitalise on short-term profits.
Credit growth in thefirst three months hit a 6-year high at 2.81 percent, according to a report bythe General Statistics Office. This data indicated positive capital absorptionof enterprises early in the year, thereby raising the interest income of banks.
In the food-drinksector, only Masan Group (MSN) maintained a modest rise of 1.2 percent, otherbig companies such as Vinamilk (VNM), Sabeco (SAB) and Habeco (BHN) decreased 0.5-3.5percent.
“The market is stillfacing a high risk of short-term decline,” said Tran Duc Anh, a stock analystat Bao Viet Securities Co.
In a market reportyesterday, Anh said most stocks showed a signal of forming a short-term peak inthe previous session and the index’s rally was mostly backed up by large-capstocks.
“Investors should takeprofit when the index surpasses a peak,” he said.
On the positive side,steel stocks gained as investors speculated on the information that theMinistry of Industry and Trade has imposed an anti-dumping tax on importedcoated steel from China and the Republic of Korea.
This decision isexpected to help local steel manufacturers boost sales as well as profits.
The biggest listed steelfirm Hoa Phat Group (HPG) increased 2 percent. Nam Kim Steel (NKG) was up 3.2 percentwhile Hoa Sen Group (HSG) and Viet-Italy Steel (VIS) rose by less than 1 percent.
Total liquidity remainedhigh at over 256 million shares worth 4.3 trillion VND (188.4 million USD)being traded in the two markets.-VNA
On the HCM StockExchange, the VN-Index sank for the first time in three days, edging down 0.2 percentto close at 722.3 points. The southern index increased 0.7 percent in the lasttwo trades.
On the Hanoi StockExchange, the HNX-Index was down 0.3 percent to end at 90.8 points. Thenorthern index gained 0.6 percent in the previous two sessions.
Banks and food andbeverage companies, which were the main driving force of the market in theprevious sessions, lost their steam.
Except Sacombank (STB)which climbed 1.8 percent and Nam Viet Bank (NVB) closed unchanged, seven otherlisted lenders slumped, including Vietcombank (VCB), Vietinbank (CTG), BIDV(BID), Military Bank (MBB) and Asia Commercial Bank (ACB) which dropped around1 percent each.
Prices of bank shareshave climbed around 10 percent in the last two weeks, driving investors tocapitalise on short-term profits.
Credit growth in thefirst three months hit a 6-year high at 2.81 percent, according to a report bythe General Statistics Office. This data indicated positive capital absorptionof enterprises early in the year, thereby raising the interest income of banks.
In the food-drinksector, only Masan Group (MSN) maintained a modest rise of 1.2 percent, otherbig companies such as Vinamilk (VNM), Sabeco (SAB) and Habeco (BHN) decreased 0.5-3.5percent.
“The market is stillfacing a high risk of short-term decline,” said Tran Duc Anh, a stock analystat Bao Viet Securities Co.
In a market reportyesterday, Anh said most stocks showed a signal of forming a short-term peak inthe previous session and the index’s rally was mostly backed up by large-capstocks.
“Investors should takeprofit when the index surpasses a peak,” he said.
On the positive side,steel stocks gained as investors speculated on the information that theMinistry of Industry and Trade has imposed an anti-dumping tax on importedcoated steel from China and the Republic of Korea.
This decision isexpected to help local steel manufacturers boost sales as well as profits.
The biggest listed steelfirm Hoa Phat Group (HPG) increased 2 percent. Nam Kim Steel (NKG) was up 3.2 percentwhile Hoa Sen Group (HSG) and Viet-Italy Steel (VIS) rose by less than 1 percent.
Total liquidity remainedhigh at over 256 million shares worth 4.3 trillion VND (188.4 million USD)being traded in the two markets.-VNA
VNA
