An investor watches stock fluctuations at a securities trading floor. (Photo: doanhnhansaigon.vn) Hanoi (VNA) - The VN-Index experienced acorrection on February 24 with a loss of 0.33 percent to close at 714.5 points.
Market conditions were negative on the HCM Stock Exchange aslosing stocks outnumbered gaining ones by 152-104 while 68 closed unchanged.
Blue chips were the main drag while 17 of the top 30 sharesby market value and liquidity declined while only seven advanced.
“The psychological resistance of 720 points is not easy toovercome as investors increased selling when the VN-Index is approaching thisarea,” stock analysts at Sai Gon-Ha Noi Securities Co (SHS) wrote in a marketreport.
The VN-Index fell 0.43 percent in the last two sessions buthas still gained 7.5 percent compared to the end of last year.
A positive factor was high liquidity which remained around 3trillion VND (131.6 million USD) per session in the past two weeks, 50 percenthigher than normal daily trading value since the beginning of this year.
Almost 233 million shares worth 3.6 trillion VND were tradedon February 24 on the HCM Stock Exchange.
“The VN-Index could drop in the next session and retest thesupport levels of around 711-714 points,” SHS’s analysts said.
Property stocks continued to attract cash but started todecline under profit-taking pressure.
Novaland Investment (NVL), Hoang QuanConsulting-Trading-Service Real Estate (HQC) and Kinh Bac City Development(KBC) were still among the most active stocks on the exchange but their pricesdecreased between 1 percent and 5 percent.
FLC Group (FLC) and Tan Tao Investment Industry (ITA) wereamong few gainers. ITA hit the limit rise of 7 percent in a single sessionwhile FLC climbed 4.7 percent.
Among major large cap stocks, only Vinamilk (VNM),Vietinbank (CTG), Hoa Sen Group (HSG) and Mobile World Group (MWG) maintainedtheir growth.
“Investors are seeking new investment opportunities indifferent stocks after many blue chips have gained substantial growth in the pastrallies,” Bui Nguyen Khoa, a stock analyst at BIDV Securities Co wrote in anote.
On the Ha Noi Stock Exchange, the HNX-Index inched up 0.1 percentto end at 86.3 points with over 54 million shares worth 519 billion VNDexchanged.
Foreign investors returned to be net buyers in the HCMCity’s market yesterday after two net selling sessions, picking up a net valueof 67 billion VND, mainly attributed by strong buys in dairy giant Vinamilk’sshares which was worth 55.7 billion VND.
They were also net buyers on the Ha Noi exchange but for amodest value of 3 billion VND.-VNA
VNA
