An investor watches share prices on electronic boards at Tan Viet Securities Company (Photo: VNA) Hanoi (VNA) –Shares moved in opposite directions on the two stock exchanges on September 20.Investors’ sentiment was fragile as worry swirled about the possibility of adeeper correction.
On the HCM Stock Exchange, the VN-Index bounced back to over 805 points afterfirst dropping to below 804 points. It closed almost unchanged compared to September19 at 805.86 points.
On the Hanoi Stock Exchange, the HNX-Index increased 0.43 percent to close thetrade at 105.18 points. It dropped 0.38 percent on September 19.
Large-cap stocks expanded divergence. In the VN30 basket which tracks the top30 largest shares by market value and liquidity, 15 declined and 12 advanced.
Financial, steel and energy stocks were losers yesterday, including BIDV (BID),Sacombank (STB), Saigon Securities Inc (SSI), private equity Masan Group (MSN),Hoa Phat Group (HPG), Hoa Sen Group (HSG), Petrolimex (PLX) and PetroVietnamDrilling and Well Services (PVD).
Heavyweight stocks which supported the market included Vinamilk (VNM), insurerBao Viet Holdings (BVH), Vietcombank (VCB), Vietinbank (CTG), IT group FPT(FPT), Mobile World Group (MWG) and FLC Faros Construction (ROS).
“The market is still moving sideways in a wide divergence around the currentprice zone,” said Tran Hai Yen, a stock analyst at Bao Viet Securities Co.“Cash flows are alternately running into blue chips, helping maintain theindex’s trend.”
However, Yen said without the consensus, the influence of cash flows is weakand predicted the market will likely enter a period of short-term downwardtrend.
Meanwhile, according to FPT Securities Co, the current correction is healthyfor the market, as the VN-Index was approaching the short-term resistance levelof 810 points. The correction will reduce pressure on share supply whileattracting new money flows to provide new momentum for the next rally.
The key market index edged down 0.24 percent on September 19 but maintained themonthly upward trend with a rise of 3 percent since the beginning of thismonth. It has expanded over 21 percent compared to the end of last year.
Liquidity continued to decrease, as about 208 million shares worth a combined 3.84trillion VND (169.4 million USD) were traded in the two markets yesterday, down9.7 per cent in volume and 14.7 percent in value compared to September 19’s levels.
A positive sign was net buying by foreign traders. They were net buyers for asecond day on the two exchanges, picking up a total of 39 billion VND worth ofshares, lifting the two-day net buy value to78 billion VND.-VNA
VNA
