Share Market Climbs A Little More But Reversal on the Cards

The VN-Index rose 6.03 points to 1,015.91 on Wednesday in a session dominated by large selling orders.

Trade at the Ho Chi Minh Stock Exchange totaled 14.7 million shares changing hands for VND1,279.4 billion.

Sacombank (STB) remained the center of the attention, rising by VND1,500 as 3.51 million shares were traded.

In likewise fashion, Vincom (VIC), Petro Vietnam Tourism and Service (PET) and VNECO (VNE) rose limit up.

Still, the large number of unmatched sell orders for VIC means the stock should reverse course and begin declining tomorrow.

PET’s performance followed an announcement that the company will issue more shares sometime soon.

The news of Kinh Do Corporation’s higher profits from mooncake sales and its newly acquired 30 percent stake in Dong Tam Nutrition Food Joint Stock Company (Nutifood) pushed Kinh Do Food (KDC) up by VND8,000 and North Kinh Do (NKD) by VND2,000.

Other big caps like REE Technology (REE), FPT Corporation (FPT), Petro Vietnam Drilling and Well Services (PVD) and Schenker-Gemadept Logistics (GMD) held their ground but failed to advance.

Losses were made by Pha Lai Thermal Power (PPC), Vinamilk (VNM), Vinh Son Hydropower (VSH) and Saigon Cables & Telecommunication Materials (SAM).

The VN-Index is still rising, but it could have a hard time getting back above 1,050 if today’s performance is anything to go by.

By Ba Tan, Cat Tri – Translated by Kim Khanh

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