Shares conclude the week down

HÀ NỘI — Shares corrected on the last session of the week, contrasting to the gains of global markets.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange slid 0. 四 九 per cent to close at  九 八 七. 五 九 points.

More than  二0 五 million shares were traded on the southern bourse, worth VNĐ 四. 四 trillion (US$ 一 八 八 million).

The index inched up 0. 一 三 per cent to close Thursday at  九 九 二. 四 五 points.

In the morning, the VN-Index struggled around the reference level as blue-chips including Việt Nam National Petroleum Group (PLX), Bank for Investment and Development (BID) and Vietinbank (CTG) fell sharply.

In the afternoon, the support of Vietcombank (VCB) did not seem to be enough to support the index to stay at  九 九0 points as selling pressure increased at PetroVietnam Gas JSC (GAS), Bank for Investment and Development (BID) and Sabeco (SAB).

Local shares moved in contrast to the global market. Wall Street stocks rallied on Thursday after data showing US service sector activity at a three-year low fuelled expectations the Federal Reserve will cut interest rates to prevent a broader economic recession.

The Dow Jones Industrial Average rose 0. 四 七 per cent to end at  二 六, 二0 一.0 四 points, while the S P  五00 gained 0. 八0 per cent to  二, 九 一0. 六 三 points.

On a sector basis, wholesale, retail, information and technology, seafood processing, food and beverage, insurance, real estate, securities, healthcare, energy, banking, construction, construction materials and logistics were the decliners on Friday.

The large-cap VN 三0-Index was up 0. 七 一 per cent to end at  九 一 五. 一 六 points.

On the Hà Nội Stock Exchange, the HNX-Index dropped 0.0 五 per cent to end Friday at  一0 五. 一 六 points.

More than  二 四 million shares were traded worth VNĐ 三 四 六 billion.

The northern index inched down 0.0 五 per cent to close Thursday at  一0 五. 二 一 points.

Foreign investors net sold VNĐ 二 六 五. 五 四 billion on the HOSE, including Hòa Phát Group (HPG) (VNĐ 四 六. 六 四 billion) and Vincom Retail (VRE) (VNĐ 三 一. 五 三 billion). Foreigners were net sellers on the HNX with a value of VNĐ 四. 五 四 billion.

The UPCoM Index on the Unlisted Public Company Market (UPCoM) lost 0. 三 九 per cent to close at  五 六. 九 三 points.

The index climbed 0. 五 三 per cent on Thursday.

According to Bảo Việt Securities Company (BVSC), the market is forecast to fall under correction pressure towards the support zone of  九 八0- 九 八 三 points early next before increasing toward market close. The index is likely to recover in this support zone.

“We believe that the market tends to establish a sideways channel between  九 九 五- 一,000 points and  九 八0- 九 八 三 points. The VN-Index is expected to follow this movement in the short term to accumulate a better price before sending clearer signals of future directions. However, foreign investors have not shown signs of stopping their net selling activities,” BVSC said.

Investors with high stock exposure should lower stock exposure to a safe ratio at market rallies around  九 九 五- 一,000 points. Investors may buy short positions or cover previously sold positions at the aforementioned support zones. — VNS