Shares bounced back on May 26 thanks to the growth of a few leading large-cap stocks, but the market is exposed to risk of a downward correction following a prolonged rally. (Source: Photo thanhnien.vn) The benchmark VN-Index on the HCM Stock Exchangeedged up 0.2 percent to close at 743.41 points.
On the Hanoi Stock Exchange, the HNX-Index was up0.23 percent to end at 93.69 points.
Bank stocks, which had fueled market momentumduring the week, were mixed May 26.
Four out of nine listed lenders advanced whileanother four declined. Big banks BIDV (BID) and Military Bank (MBB) were loserswhile Vietcombank (VCB), Asia Commercial Bank (ACB) and Eximbank (EIB) weregainers.
Shares of Hau Giang Pharmaceutical (DHG) rose bymore than 6 percent as shareholders of the pharmaceutical firm received bonusshares at a rate of 50 percent.
Among the top 30 shares by market value andliquidity, growth of Vinamilk (VNM), real estate VinGroup (VIC), steelmaker HoaSen Group (HSG) and insurer Bao Viet Holdings (BVH) supported the market.
A portion of money inflows shifted to mineralmining shares May 26, lifting prices of these companies.
Construction Investment Corporation 3-2 (C32), BinhThuan Mineral Industry (KSA) and KSH Investment & Development (KSH) hit themaximum daily rise of 7 percent on the HCM Stock Exchange. Others such as BinhDuong Mineral & Construction (KSB) and Hoa An Co (DHA) increased 4.7percent and 6.4 percent, respectively.
On the defensive side, energy and oil stocksslumped with big names including PV Gas (GAS), PetroVietnam Drilling and WellsService (PVD), Kinh Bac City Development (KBC), Tan Tao Investment Industry(ITA) and Dat Xanh Real Estate Service & Construction (DXG).
Liquidity declined with a total of 250 millionshares, worth over 5 trillion VND (220.3 million USD), traded on the twomarkets, down 9 percent in volume and 14.3 percent in value compared to thefigures on May 25.
Declining liquidity (the lowest for the week)along with neutral market breadth indicated rising investor caution, analystsat BIDV Securities Co wrote in a note.
“On the market capitalisation figures, cash flowswere channeled into small- and medium-cap shares, showing that the market is inthe value accumulation stage to break the resistance threshold of 745 points,”they said.
Foreign investors returned as net buyers on thetwo markets, picking up shares worth a combined net value of 189 billion VND. –VNA
VNA
