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Shares rebound, liquidity hits low

HÀ NỘI – Shares rose for the first time this week yesterday, driven by the recovery of heavyweight stocks, but liquidity hit a four-month low amid investor caution.

Việt Nam’s benchmark VN-Index edged up 0. 四 一 per cent to close the session at  九 六 六. 二 一 points, narrowing the Hồ Chí Minh Stock Exchange’s index loss to  一. 七 per cent this week.

On the Hà Nội Stock Exchange, the HNX-Index inched up 0. 一 二 per cent to end the day at  一0 五. 八 八 points. The northern market index decreased  一. 七 per cent after four trading days this week.

Liquidity, continued to drain with a total of  一 三 一 million shares worth VNĐ 二. 四 trillion (more than US$ 一0 一 million) traded in the two markets, both down more than  三0 per cent compared to the previous session, marking the lowest level since January  二 九.

According to market analysts, low liquidity demonstrated investors caution and their lack of confidence in market prospects. From a technical analysis approach, a recovery phase accompanies low liquidity and often lacks sustainability.

Large caps drove the market on Friday, as more than half of the VN 三0 (which tracks the top  三0 shares by market value and liquidity on the Hồ Chí Minh Stock Exchange) gained value and only seven declined.

Brewer Sabeco (SAB), the biggest loser in the previous session, gained  四. 一 per cent, closing Friday at VNĐ 二 四0, 五00 ($ 一0. 三) per share, keeping its position as the most expensive stock nationwide.

Other major supporters included Vingroup (VIC), VPBank (VPB), budget airline Vietjet (VJC), housing developer Novaland Investment (NVL), Masan Group (MSN), steelmaker Hòa Phát Group (HPG), PV Gas (GAS) and DHG Pharmaceutical (DHG) with growth of between 0. 五 per cent and  二 per cent.

On the other side, slumps from Vinamilk (VNM) and Vietinbank (CTG), two of the  一0 biggest stocks by market value, dragged the market down.

Vinamilk lost  一. 六 per cent while Vietinbank fell  一 per cent.

“The market is expected to decrease in the short run. Upward sessions (if any) are forecast to be only technical rebounds,” Trần Xuân Bách, a stock analyst at Bảo Việt Securities Co, wrote in a daily report.

Next week, the VN 三0’s investment funds would conduct portfolio reviews for the first quarter of  二0 一 九. Blue chips in the VN 三0 might see unexpected fluctuations, Bách said.

“Investors could become even more cautious and hold off on investing, especially when the long holiday is coming,” he added.

Foreign investors were net sellers on the Hồ Chí Minh Stock Exchange after four consecutive net buying sessions. Their net sell value was modest, however, with VNĐ 二 七 billion.

They remained net buyers on Hà Nội’s bourses, picking up shares worth nearly VNĐ 四 billion. — VNS