Liquidity hits one-month low

HCMC – Trade on the southern stock market tumbled to a one-month low on Thursday although stock prices did improve slightly. The VN-Index inched up a mere 0.8 point, or 0.18%, against the previous session and ended the day at 449.52, but liquidity fell below VND1 trillion.

The market opened lower but made a quick recovery to hit a daily high of 450.85. It fell into the red once more after the second phase and then recovered a second time to close just into the black.

Investors bid for 70.5 million shares on the Hochiminh Stock Exchange, up 2.9% against the previous session, while the amount on offer shrank 15.4% to 56.6 million shares. Closing the day, the market’s total trading volume was 38 million shares worth VND989 billion, dropping by 1.5% and 3.3% from the day earlier respectively.

There were 112 stocks advancing on Thursday versus 90 others closing in the red, of which eight stocks went to the ceiling prices and four issues plunged to the floor prices.

Ocean Group Co. (OGC) remained the most actively traded stock, ending the day up 2.9% to VND35,000 with 3.2 million shares traded, followed by Eximbank (EIB), closing at the reference price of VND17,300 on the volume of over 950,000 shares.

Foreigner participation was much stronger, with 5.2 million shares worth VND192 billion acquired and 3.1 million shares worth VND123 billion offloaded. They accounted for 20.7% and 13.2% of the market’s buying and selling value respectively.

The Hanoi market recovered some ground on Thursday but turnover remained low at VND635 billion. The HNX-Index added 1.19 points, or 0.94%, from the previous session and ended the day at 128.4.

Some 124 stocks rose while 136 stocks declined, of which five stocks went to the ceiling prices while 13 stocks dropped to the floor prices. Foreigners were slight net sellers, accounting for 2.8% of the buying value and 2.9% of the selling value.

Fiachra Mac Cana, managing director of HCMC Securities Corp., said the markets endured another day of fairly lifeless trading with little movement and yet lower volumes.

The market did end the day slightly higher nut the level of interest continued to wane. Market breadth was higher though and foreign participation levels remain very high, he said.

“The central bank seems set to announce any amendments to Decree 13 sometime next week and given the short time between then and the October 1st deadline this would tend to support the consensus view that any changes at this late stage will be fairly minor. The markets will likely continue trade in the current narrow trading range before then. Medium to long-term investors can comfortably continue to buy,” Mac Cana added.

Au Viet Securities Co. said mind rallies of many stocks on Thursday were a positive sign for another rising session on Friday. “Buying power will be stronger when the VN-Index nears 455 points. We think that the correction phase is about to end and the market will improve on Saturday or next week,” the broker said.

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Market rallies for sixth straight session

Investors watch stock prices at Kim Eng Securities Co. The VN-Index gained 7.25 points, or 1.58%, from the previous session to close at 466 on Monday- Photo: Le Toan

HCMC – The local market on Monday continued to climb sharply, having seen five rising sessions in a row before the long National Day holiday, as the VN-Index jumped 7.25 points, or 1.58%, from the previous session to close at 466.

Investors on the southern bourse increased their bids by 18.4% against the day earlier to around 111 million shares, while the amount on offer contracted by 6.12% to 71 million shares. Liquidity, however, improved strongly with 57.2 million shares worth VND1.6 trillion changing hands, both increasing by around 30% from the previous session.

The market started the day well into positive territory and hit a daily high of 469.25 towards the end of the second matching phase. It fell back somewhat during the last matching phase and finally closed below the high.

The number of gainers was nearly 10 times that of losers at 215 to 23, of which 112 stocks closed the day at the ceiling prices and three others plunged to the floor prices.

The most traded stock in terms of liquidity was Saigon Securities Inc. (SSI) that ended the day up 4.9% to VND29,900 with 3.17 million shares traded. Refrigeration Electrical Engineering Corp. (REE) was the second biggest traded issue, advancing 4% from the previous day to VND17,400 on the volume of 2.4 million shares.

Foreign participation turned strong again as the investors acquired 5.7 million shares worth VND195 billion and sold 3.5 million shares worth VND125 billion, accounting for 12.8% and 8.2% of the market’s buying and selling value respectively.

The Hanoi market rose further on Monday as well, but in lower turnover of VND880 billion. The HNX-Index added 5.14 points, or 3.9%, against the day earlier and closed at 136.8.

Up to 293 stocks advanced while 23 stocks declined, of which 115 stocks went to the ceiling prices while one stock dropped to the floor price.

Fiachra Mac Cana, managing director of HCMC Securities Corp., said the markets started this week well even after the long holiday and investor sentiment remained quite positive while good volumes had returned.

On Monday’s move was partly the result of decent performances on overseas markets over the last few days and partly some keen anticipation of good news on the domestic front over the next few days. However, stocks did drop off somewhat in the last phase on the southern bourse although sentiment on the Hanoi market stayed true until the end, he said.

“Our feeling is that any news should be good enough to take us some way higher than here over the next few weeks but then we note that both the 480 points and above that the 500-point levels on the VN-Index are formidable barriers. And then after this month is over, revisions or no revisions of the Decree 13 we still have a lot of potential supply still coming our way,” Mac Cana added.

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Market continues upsurge

HCMC – The local market continued to gain solid ground on Tuesday following the strong recovery on Monday, with the VN-Index adding 10.53 points, or 2.37%, from the previous session to close at 455.08.

Liquidity on the southern bourse improved sharply as up to 55.6 million shares worth VND1.5 trillion were traded at the end of the day, increasing by 61% and 81% against the session earlier respectively. Bids increased by 28.5% to nearly 102 million shares while offers rocketed 97% from the previous session to 76.6 million shares.

The market started the day a bit higher and then after a brief correction resumed its climb and hit a high of 455.43 by the end of the second matching phase before finally trading flat until the close.

The number of gainers once again outnumbered that of losers by 9 to 1, at 215 to 24, of which 97 closed at the ceiling prices and two others dropped to the floor prices.

Saigon Securities Inc. (SSI) took the lead in terms of liquidity, ending the day up 4.8% to VND28,000 with 3.3 million shares traded, followed by Refrigeration Electrical Engineering Corp. (REE), which advanced 1.8% from the previous day to VND17,100 on the volume of 2.6 million shares.

Foreigners turned strong net buyers on Tuesday, acquiring 8.4 million shares worth VND353 billion and offloading 4.4 million shares worth VND160 billion. They accounted for 24% and 11% of the market’s buying and selling respectively.

The Hanoi market also gained further on Tuesday in much better turnover of around VND1 trillion. The HNX-Index jumped another 3.52 points, or 2.82%, from the previous session and ended the day at 128.4.

Up to 263 stocks advanced while 44 stocks dropped, including 18 stocks hitting the ceiling prices and three stocks dropping to the floor prices.

Fiachra Mac Cana, managing director of HCMC Securities Corp., said the markets continued their run on Tuesday after a tentative start and predictably hit resistance at 455 points on the VN-Index. Market volumes expanded significantly and came close to summer averages. Foreigners were very active on Tuesday after the market breakout was confirmed on Monday perhaps seizing a last chance to bargain hunt in case prices move higher.

“In terms of the very short term, however, given that on Thursday is the last trading day of the short week perhaps we might be forgiven for predicting a quieter trading day with some profit taking expected. However, we note that closing bids (top three prices) were above 21 million shares suggesting that the market still has considerable buying power left and should offer support not far below where we closed,” Mac Cana added.

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Market drops below 450 points

An investor seems to be disappointed while looking at stock quotations. The VN-Index dropped 6.92 points, or 1.52%, against the previous session to hit the year’s low of 447.92 - Photo: Le Toan

HCMC – The local market further retreated below 450 points on Monday as a result of dull trade after a mild rally last week. The VN-Index lost 6.92 points, or 1.52%, from the previous session to hit the year’s low of 447.92.

Investors on the Hochiminh Stock Exchange bid for 40.8 million shares, falling by 36.8% from the previous session, while they offered 44.4 million shares, an 18.4% decrease. Liquidity continued to tumble as only 25 million shares worth VND762 billion were traded at the end of the day, dipping by around 27% and 16% respectively.

The market opened lower and fell in stages throughout the day before finally dropping two points at the close to hit the daily low of 447.92.

Up to 187 stocks closed the day down while 34 others gained ground, including three shooting up to the ceiling prices and 28 others dropping to the floor prices. Major sectors were all lower and BVH, CTG, PVF and OGC made the biggest negative contribution to the VN-Index. 

Tan Tao Investment Industry Corp. (ITA) became the most actively traded stock that lost 4.5% to VND18,900 per share with around one million shares traded. Sacombank (STB) followed and closed flat at VND15,900 with volume of 911,000 shares.

Foreigners turned slight net sellers as they bought 1.4 million shares worth VND63 billion and sold 1.9 million shares worth VND67 billion, accounting for 10.3% and 11% of the market’s buying and selling value respectively.

The Hanoi market continued to slide in turnover to VND470 billion. Its stock index slipped 2.32 points, or 1.77%, from the previous session and ended the day at 129.09.

Only 63 stocks advanced and 217 others declined, with two going up to the ceiling prices and seven others declining to the floor prices. Foreigners were slight net buyers and accounted for 1.1% and 0.9% of the market’s buying and selling value respectively.

Fiachra Mac Cana, managing director of HCMC Securities Corp. (HSC), said both markets fell on Monday as late gains on the VN-Index on Friday were reversed while Hanoi continued to slide. Volumes were extremely low even for a Monday and market breadth narrowed.

“Investors largely ignored news that the Prime Minister has asked the central bank to take another look at Circular 13, perhaps given the previous weekend’s confusion they prefer to await an actual confirmation on this occasion. Market volumes have slumped in the meantime, suggesting a kind of capitulation on the part of many investors. HSC continues to recommend that medium and longer term investors buy cautiously while shorter term investors can stand prepared but not jump in just yet,” Mac Cana added.

Viet Dragon Securities Co. in its Monday report said the market technically had moved off the selling area and would create some short-term rallies. However, on Tuesday’s session will continue to challenge investor patience and the VN-Index would fluctuate between 440 and 450 points,” the broker said.

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