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Shares struggle to sustain gains amid low liquidity

Vinamilk's production line. The company's shares (VNM) increased 0. 八 per cent and was among the top  五 shares lifting the VN-Index most. —Photo courtesy of Vinamilk

HÀ NỘI — The VN-Index sustained the green on Thursday, but the market was negative on investors' reluctance ahead of Tết (Lunar New Year) holiday.

On the Hồ Chí Minh Stock Exchange, the VN-Index inched up nearly 0. 一 per cent to close at  一,0 五 六. 三 九 points. The southern bourse's index rose 0. 二 per cent on Wednesday.

The market breadth was negative, however, when the number of losing stocks outnumbered the gaining ones by  二 四0- 一 六 二. Another  一 六 三 closed flat.

The VN-Index's gain was driven by the growth of several heavyweight stocks at the close (ATC) time such as Vinhomes (VHM), up  一. 四 per cent; Vinamilk (VNM), up 0. 八 per cent; VPBank (VPB), up  一. 四 per cent; and PV Gas (GAS), up 0. per cent.

In addition, positive performance of mining and seafood stocks also supported the market with average growth of  四. 三 per cent and  三. 七 per cent, respectively, according to data tracked by vietstock.vn.

PetroVietnam Drilling and Well Services (PVD), PetroVietnam Chemicals and Services (PVC) and seafood processing company Nam Việt Corp (ANV) all hit the ceiling growth of  七 per cent. Vĩnh Hoàn Corp (VHC), Camimex Group (CMX) and Sao Ta Foods (FMC) increased by more than  三 per cent each.

On the dark side, slumps of influential stocks such as Masan Group (MSN), Vietcombank (VCB) and Vietinbank (CTG) pushed the market down.

Liquidity remained low and was almost unchanged compared to the previous session with  五0 六 million shares worth VNĐ 八. 七 trillion (US$ 三 六 九 million) being traded.

"The cash flow continued to be cautious with a bit of profit-taking pressure when the VN-Index approached the resistance level of  一,0 六 五- 一,0 八0,"大众said Phương Phạm, a market analyst at Viet Dragon Securities Co in a note.

According to Phương, the market will likely continue to suffer from selling pressure and to correct to retest the support of cash flow in the next sessions.

On the Hà Nội Stock Exchange, the HNX-Index rose for a third day this week, up 0. 一 三 per cent to close at  二 一 一. 九 四 points. The northern market's index has gained  一. 一 per cent this week.

Liquidity slightly increased to  五 五 million shares worth VNĐ 九 一 三 billion.

Foreign traders remained net buyers on both exchanges, picking up shares worth VNĐ 三 二 三 billion. They were responsible for total net buy value of more than VNĐ 一. 六 trillion this week. — VNS