Investors at Sacombank Securities Company in HCM City. (Source: VNA) Hanoi (VNA) -Shares retreated on March 28 on the two national stock exchanges as investorsbooked short-term profits on fears of a possible downward correction.
On the HCM StockExchange, the VN-Index decreased for the first time in the last four sessions,down 0.6 percent to close at 719.3 points.
Meanwhile, the HNX-Indexon the smaller Hanoi Stock Exchange edged down 0.9 percent to end at 90.5points.
The market breadth wasnegative with 257 stocks falling, 191 rising and 252 remaining unchanged on thetwo exchanges.
Thirteen of twenty stockgroups slumped, led by banks and food-beverage with average losses of 1.4 percentand 1.3 percent, respectively.
Seven of nine listedbanks were on the defensive, with drops of 0.7-4.9 percent each, includingVietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Asia Commercial Bank (ACB).
The biggest listings inthe food and beverage category like dairy giant Vinamilk (VNM), brewery Sabeco(SAB) and food producer Masan Group (MSN) all lost growing momentum and fell bybetween 0.5 percent and 3.8 percent.
According to analysts atBIDV Securities Company (BSC), investors tried to seize short profits on banksand consumer goods companies which had climbed substantially after the VN-Indexreached a fresh ten-year high of over 720 points on March 24.
Liquidity dropped with267.2 million shares worth a combined 4.3 trillion VND (188.6 million USD)recorded in the two markets, down 8.7 percent in volume and 12.2 percent invalue from March 27’s levels.
“We anticipate themarket will continue to test the new support level at 720 points,” BSC’s analystswrote in market report on March 28.
On the positive side,insurers and construction companies advanced and cushioned the market.
PVI Holdings (PVI)jumped 7.9 percent to 27,200 VND a share after the insurer announced a20-per-cent dividend rate and a plan of easing foreign ownership to 100 percent.Other insurers such as Bao Viet (BVH), Bao Minh (BMI) and Vietnam NationalReinsurance (VNR) also increased slightly.
Money also flew intoconstruction stocks with sound financial indicators such as FLC (FLC), FLCFaros Construction (ROS), HCM Infrastructure Investment (CII), Hoa Sen Group(HSG) and Dat Xanh Real Estate Service & Construction.
Foreign investorsconcluded trade as net buyers in the two markets with total net value of nearly80 billion VND.-VNA
On the HCM StockExchange, the VN-Index decreased for the first time in the last four sessions,down 0.6 percent to close at 719.3 points.
Meanwhile, the HNX-Indexon the smaller Hanoi Stock Exchange edged down 0.9 percent to end at 90.5points.
The market breadth wasnegative with 257 stocks falling, 191 rising and 252 remaining unchanged on thetwo exchanges.
Thirteen of twenty stockgroups slumped, led by banks and food-beverage with average losses of 1.4 percentand 1.3 percent, respectively.
Seven of nine listedbanks were on the defensive, with drops of 0.7-4.9 percent each, includingVietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Asia Commercial Bank (ACB).
The biggest listings inthe food and beverage category like dairy giant Vinamilk (VNM), brewery Sabeco(SAB) and food producer Masan Group (MSN) all lost growing momentum and fell bybetween 0.5 percent and 3.8 percent.
According to analysts atBIDV Securities Company (BSC), investors tried to seize short profits on banksand consumer goods companies which had climbed substantially after the VN-Indexreached a fresh ten-year high of over 720 points on March 24.
Liquidity dropped with267.2 million shares worth a combined 4.3 trillion VND (188.6 million USD)recorded in the two markets, down 8.7 percent in volume and 12.2 percent invalue from March 27’s levels.
“We anticipate themarket will continue to test the new support level at 720 points,” BSC’s analystswrote in market report on March 28.
On the positive side,insurers and construction companies advanced and cushioned the market.
PVI Holdings (PVI)jumped 7.9 percent to 27,200 VND a share after the insurer announced a20-per-cent dividend rate and a plan of easing foreign ownership to 100 percent.Other insurers such as Bao Viet (BVH), Bao Minh (BMI) and Vietnam NationalReinsurance (VNR) also increased slightly.
Money also flew intoconstruction stocks with sound financial indicators such as FLC (FLC), FLCFaros Construction (ROS), HCM Infrastructure Investment (CII), Hoa Sen Group(HSG) and Dat Xanh Real Estate Service & Construction.
Foreign investorsconcluded trade as net buyers in the two markets with total net value of nearly80 billion VND.-VNA
VNA
