The benchmark VN-Index failed to conquer the short-term resistance point of 790 for a second day on August 4 (Photo: VNA)Hanoi(VNA) – The benchmark VN-Index failed to conquer the short-term resistancepoint of 790 for a second day on August 4, dragged down by bank stocks, whilegrowth of many large-cap stocks supported the market.
The key index on the HCM Stock Exchange inched up just 0.02 percent to close at788.68 points. It has risen 1.5 percent for the week.
On the Hanoi Stock Exchange, the HNX-Index increased 0.49 percent to end at101.94 points. The northern market index expanded 1.4 percent this week.
Shares of securities and energy firms pushed the market up.
Most brokerage companies gained value, of which Saigon-Hanoi Securities Co(SHS) and Vietinbank Securities Co (CTS) were the biggest gainers with growthof 7.8 percent and 5.1 percent, respectively.
The biggest listed securities firm Saigon Securities Inc (SSI) picked up over1.7 percent.
Positive performers also included big businesses in the oil and gas sector,including PetroVietnam Drilling Wells Service (PVD), PetroVietnam TechnicalService (PVS) and PetroVietnam Drilling Mud (PVC) climbing between 5.6 percentand 3 percent each.
However, bank stocks which were the driving force of the previous rally were onthe defensive and restrained the market’s uptrend.
Only Sacombank (STB) recovered from a three-day slump after the bank’s twoex-bankers were arrested, up 3.3 percent to settle at 12,700 VND (56 US cents).Others including the four biggest listed lenders by market value, Vietcombank(VCB), Vietinbank (CTG), BIDV (BID) and Military Bank (MBB) slipped between0.7-2.2 percent each.
Market analysts at Saigon-Hanoi Securities Co said rising selling pressure atthe high price ranges would continue to cause difficulties for a sustainablerally.
“The VN-Index will continue to fluctuate and move sideways in the range of784-791 points and it needs a strong push for the index to break out of the 791points to confirm the short-term uptrend,” they said.
Liquidity continued to rise with total 267.5 million shares worth 4.7 trillionVND (207 million USD), down 6.3 percent in volume and nearly 13 percent invalue compared to the previous session.
Foreign traders recorded a 12th consecutive buying session on the HCM StockExchange for a net value of 82.5 billion VND, down 49 percent from the previoussession. However, foreign investors extended the net selling streak on the HanoiStock Exchange for a value of nearly 6 billion VND.-VNA
VNA
