Phuong Thao
Investors watch stock prices at Maybank Kim Eng Securities Company. The VN-Index dropped for the third straight session on April 2 - Photo: Kinh Luan
The market would have had another day of strong correction as stocks crashed during almost of the trading time until the VN-Index hit a strong supporting level at 575 points in the afternoon phase.
The main index closed the day down a slight 0.37% at 581.67 but it was a sharp rebound compared to the intraday low at 574.4. Liquidity on the southern bourse dropped back, with volume and value losing 15% and 12.7% from the session earlier to over 147 million shares worth nearly VND2.5 trillion.
Cash flows continued to withdraw out of real estate, construction and securities stocks. FLC closed at the reference price of VND14,200 after leading the uptrend in previous days while ITA became the volume leader with over 13 million shares changing hands.
On the Hanoi market, the HNX-Index fell 0.8 point, or 0.93%, at 85.68. There were 94 million shares worth VND1 trillion traded, slumping 18% and 24% respectively.
According to Viet Capital Securities Company, DPM made chemical the top performing sector as it jumped 3.1% on a cash dividend increase proposal by the board of directors.
On the other hand, investors traded with caution, evidenced by contracting liquidity on both exchanges.
“We would think the market could be moving within a narrow range for some time until there is positive news such as better-than-expected first quarter’s business results coming out. Also, as the markets fell back in the last days, market rumor on the foreign ownership limit approval topic now swung from positive side to a new discussion of ‘it will not happen soon’,” it said.
Meanwhile, Maybank Kim Eng Securities Company noticed that foreigners net bought for the third straight day with a total volume of 3.1 million shares, raising hopes for the first week of foreign net selling after the investors stayed on the selling side for four weeks in a row.
The investors picked up 250,000 HPG shares, 300,000 BID shares and 2.5 million ITA shares yesterday. Within the next few weeks, the market may continue to suffer negative impacts of foreign net selling during last month.
From the technical view, the VN-Index has regained a balance after some losing sessions and the index still sees uptrend in medium term. If the market still maintains the supporting level of 565 points, investors should continue holding stocks, it said.
Đăng ký: VietNam News
