Phuong Thao
Early in the morning, the VN-Index reached the three-month high of 513-point level. However, it then gave up all the intraday gains and further swung into the negative territory in the last 15 minutes when at-the-close selling pressures pushed many of the blue-chips down.
VIC was the biggest negative contributor, tumbling by 2.2% and removing 0.9 point from the VN-Index.
Some heavyweights in the finance and banking sector such as BVH, EIB, OGC and STB improved, helping the market curb the downtrend. Market breadth remained positive with 127 gainers versus 86 losers while 71 others closed unchanged.
Trading volume improved by 9.9% but value retreated 5.4% on the southern bourse, implying that many of the transactions shifted towards smaller caps compared to the session earlier.
On the other hand, both volume and value increased by around a third on the northern exchange. The HNX-Index extended its winning streak to the fourth straight session, rising by 0.29 point, or 0.44%, to close at 65.19 thanks to strong buying power at pillar tickers.
Foreigners were almost neutral on the southern bourse with a net buying value of just VND2.5 billion. Meanwhile, they continued to net buy VND14 billion on the northern exchange.
Viet Dragon Securities Company said that cash flow turned to the northern bourse while the southern exchange adjusted slightly due to short-run selling pressure and negative impacts of the blue-chip decline.
In contrast, the winning streak was maintained on the Hanoi market thanks to securities and financial stocks. Besides, volume increased sharply plus positive net buying value of foreigners were the backbone for cash flow on the exchange.
On Wednesday’s correction was not significant but the reversal of the VN-Index after touching 513 points showed that the range between 510 and 515 points is major resistance, it commented.
The broker observed that the media has recently published Vietnam economic outlook reports made by large financial institutions or from the global media. Generally, most reports are optimistic over the next few years, making great contribution to attracting cash flow into the stock market.
“We keep our opinion that the market is correcting but the downside risk is not high. Besides, the periodic review of exchange traded funds could attract investors’ interest in the short term,” it added.
Đăng ký: VietNam News