An investor at Saigon Securities Inc’s trading office in Hanoi (Photo: VNA)Hanoi (VNA) - Vietnameseshares recouped part of the week’s losses on February 9 as the current massivesell-off across the stock market triggered investors to scoop up stocks atbargain prices.
The benchmark VN Index on the HCM StockExchange was down 1.89 percent to close at 1,003.94 points, totalling a two-dayloss of 3.5 percent. It fell as much as 4.83 percent during the session.
The HNX Index on the Hanoi Stock Exchangeedged up 0.48 percent to end at 117.50 points, recovering from its intraday lowdecline of 4.47 percent.
The UPCOM Index on the Unlisted PublicCompany Market (UPCoM) managed to finish at 56.48 points, slightly above thereference level of 56.46 points.
After one volatile trading week, the threelocal exchange indices lost 9.1 percent, 5.2 percent and 4 percent,respectively.
More than 326 million shares were traded onthe three exchanges, worth 7.73 trillion VND (343.5 million USD).
Trading volume and value on Fridayincreased by 35 percent and 36 percent, respectively, compared to the February8 figures.
Vietnamese shares continued to declinestrongly on February 9 as “negative news from the world stock markets causedthe profit taking pressure at the beginning of the session,” BIDV Securities Co(BSC) wrote in its daily report.
Sixteen of the 20 industry indices on thestock market declined. The worst-performing ones among those were insurance,real estate, food and beverage and banking.
The trading condition across the stockmarket remained negative with 379 declining stocks, 283 gainers and 157 stocksremaining unchanged.
In the VN30 basket, which tracks theperformance of the 30 largest stocks by market capitalisation, 18 stocksdeclined and eight advanced.
Among declining stocks were PetroVietnamGas (GAS), digital device retailer Mobile World Corporation (MWG), petroldealer Petrolimex (PLX), food and beverage producer Masan (MSN) and Vietcombank(VCB).
However, the massive sell-off that pushedstock prices down also triggered investors to buy in those stocks to help theindices recover, BSC said.
There were groups of stocks that showedpositive signs, according to BSC. “The market will return to balance when theselling pressure decreases,” the brokerage firm forecast.
Gainers in the VN30 basket includedCoteccons Construction Corp (CTD), MBBank (MBB), DHG Pharmaceutical JSC (DHG)and budget carrier Vietjet Air (VJC).
However, Bao Viet Securities Company (BVSC)warned it would be hard for Vietnamese stocks market to avoid short-termnegative impacts caused by the world market as it is now more globallyintegrated and sensitive to international trends.
BVSC also predicted that the trading of thestock market would turn quiet in the next sessions as investors were holdingonto their assets for the coming Tet (Lunar New Year) holiday, causing adecline in liquidity. - VNA
VNA
