The local market staged a mild rebound on Monday as a number of blue-chips resumed uptrend on slowing selling pressure, with the VN-Index rising 2.01 points, or 0.54%, against last Friday to close at 377.27.
Liquidity on the Hochiminh Stock Exchange (HOSE), however, fell back sharply as investors again stayed on the sidelines. Ending the day, there were around 31 million shares worth VND371 billion changing hands, dropping by 47.6% and 43.6% against the previous session respectively.
Losers still outnumbered gainers by 119 to 78, including 24 stocks hitting the ceiling prices and 39 others dropping the floor prices.
Viet Capital Securities Co. (VCSC) said that recovery on the southern bourse was in part helped by a rebound in Vinamilk (VNM) and Masan (MSN). Both heavy-weight consumer stocks had dropped to limit-down prices in last Friday’s session, but VNM jumped 4.1% on Monday and MSN closed up 3.4% to add more than three points to the VN-Index.
Meanwhile, VCB and BVH, which lost 2.7% and 4.9% against the session earlier respectively, were the biggest drag on the market.
After four days of staying on the buying side, foreigners posted a net selling value of VND21 billion on HOSE. They offloaded around VND18 billion worth of STB shares and VND10 billion of KDC shares while picking up nearly VND7 billion of DPM shares.
The Hanoi market resumed its downtrend on Monday with turnover slumping to VND121 billion. The HNX-Index lost 0.31 point, or 0.61%, from the session earlier to close at 50.75.
There were 70 stocks advancing while 111 stocks posted losses, including 13 stocks hitting the ceiling prices and 38 others plunging to the floor prices. Foreigners net bought VND2 billion worth of shares.
VCSC also noted that Sacombank and Sacomreal were the most active stocks for value. Around VND31 billion worth of Sacombank (STB) shares were traded, making it the most active stock in terms of value on southern bourse. Shares of STB closed unchanged at VND18,700 each after losing 3% in Friday’s session following news of its chairman’s resignation.
Meanwhile, Sacomreal (SCR) was the most active stock on the northern exchange with VND22 billion worth of shares traded. SCR lost nearly 12% in the last two sessions to close at VND4,800 at the end of Monday’s session.
“We evaluate the short-term trend as ‘neutral’ and recommend investors not rush to engage in bottom fishing as downside risk remains high. However, we believe the deep slide on November 2 was an isolated event and it is more likely the market will move sideways in the next few sessions. We may downgrade to ‘down’ in the short-term if the downward pressure continues.” VCSC said.
The Saigon Times Daily