VN-Index Sheds a Little Weight

The VN-Index reversed the trend of the past three days by dropping 4.49 points to close at 958.67 at the Ho Chi Minh Stock Exchange on Friday. Sell orders for nearly 11 million shares were matched, the most since March.

Sacombank (STB) was the center of attention this week as the stock climbed steadily upwards but today it went with the flow and slid VND1,000 to end the morning (only) session at VND62,500 after 3.21 million STB shares had found new owners.

Other blue chips also cast off some of their recent gains. Vinamilk (VNM) fell by VND2,000, Pha Lai Thermal Power (PPC) by VND1,500 and REE Technology (REE) by VND2,000.

So too did Petro Vietnam Drilling and Well Services (PVD), down VND1,000, and Vinh Son HydroPower (VHS), which fell by VND500.

Two major stocks ignored the slight sell-off and managed to rally: FPT Corporation (FPT), which increased by VND3,000 to reverse a lengthy decline, and Petro Vietnam Tourism and Service (PET), up VND2,000.

Newcomer Vincom (VIC) continued looking good to the punters on its fourth day on the bourse and ended the session limit up with 1.22 million shares changing hands.

Needless to say, the popularity of VIC and the little rallies by FPT and PET stopped the index from dropping as far as it might have.

Today’s reversal is viewed as a necessary adjustment after several days of healthy gains. Investors who are looking for a vigorous change in the stock market are in high spirits again.

By Ba Tan, Cat Tri – Translated by Phuong Lan

Other news