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Banking & Finance

October 8: VN-Index down in early trade

Released at: 14:31, 08/10/2018 Stock Market Watch

October 8: VN-Index down in early trade

Source: TVSI

Main indexes struggling in morning session.

by Hai My

Continuing the correction trend seen last week, the market continued to face strong selling pressure from the opening minutes on the first day of the new week. The VN-Index fell more than 8 points to 1,000 points in the morning session.

Oil and gas stocks such as GAS, PVS, PVD, PVB and BSR continued to be sold strongly. The international oil price is also “cooling” and affected the group of stocks. Nevertheless, PVT was still up against the P-Index thanks to good Q3 results.

Together with oil and gas, banks such as BID, VCB, CTG, ACB, MBB, VCB and TCB also lost ground. Among bluechips, VHM gaining attention in rising over VND700 ($0.02). MWG, HSG and DHG also gained momentum.

Port stocks including DVP, DXP, GMD, HAH, PHP and VSC continued to attract cash flow thanks to expectations over increasing service charges.

At 10am, the VN-Index had lost 5.78 points (0.57 per cent) to 1,002.61 points, the HNX-Index 0.69 points (0.6 per cent) to 113.99 points, and UPCoM-Index 0.3 points (0.56 per cent) to 53.73 points. Market liquidity was moderate, with a matching order value of VND1.3 trillion ($55.7 million).

Looking at the market for the week to come, BSC Securities said the declines of last week did not necessarily indicate that the recovery trend had ended, as profit-taking activities show that sellers are quite active in many stocks. Staying above 1,000 points at the end of last week formed the basis for stocks releasing business results next week.

According to the Ho Chi Minh City Securities Corporation (HSC), there will be one or two more chances for the VN-Index to return to MA200 days (1,028 points) next week. However, this requires stability in global stock markets and currencies. With the coming Q3 earnings season, HSC expects more positive news from business results. Therefore, in the absence of strong fluctuations, the market may increase.

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