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VietNamNews

VN30 rises slightly after revision

Update: July, 19/2012 - 10:19

 

Investors track trades at the office of An Binh Securities Co in Ha Noi. The VN-Index yesterday edged up 0.3 per cent over Tuesday's session to 418.83. — VNS Photo Truong Vi
HA NOI — Shares continued to rise on the HCM City Stock Exchange yesterday with the VN-Index edging up 0.3 per cent over Tuesday's session to 418.83 points while the VN30 added 0.22 per cent to 494.11 points.

The HCM City Stock Exchange on Tuesday revised the 30 leading stocks by capitalisation and liquidity, tracked by the VN30. Accordingly, food processor Hung Vuong (HVG) along with three property developers – Quoc Cuong Gia Lai (QCG), Khang Dien House (KDH) and Sudico (SJS) – were deleted.

Additions were Military Bank (MBB), Da Nang Rubber Co (DRC), steelmaker Hoa Sen Group (HSG) and property developer Tu Liem Urban Development Co (NTL).

QCG and SJS were among around 20 stocks subject to warnings due to losses last year. QCG was excluded from the FTSE Viet Nam Index's investment portfolio in March, SJS faced serious financial issues. "The misuse of funds for improper purposes has created a potential for the company to become insolvent," SJS supervisory board said.

In addition, SJS, HVG and KDH had very low liquidity, average only 40,000-80,000 shares per session during order matching in the recent 10 trading days.

Meanwhile, MBB, DRC and HSG saw an average of over 500,000 shares matched. Notably, MBB is one of the largest stocks in terms of capitalisation.

However, it was the only one of the four new shares retreating yesterday, losing 0.7 per cent to VND14,200 (US$0.6) per share.

"Although the revision can be seen as a positive impact on the shares tracked by the index, in fact, small investors are not overly concerned with the VN30," said Kim Eng Securities Co analysts.

The overall value of trades on the southern bourse increased slightly to VND790.7 billion ($37.6 million), as trading volume reached 49.4 million shares.

Sacom Development and Investment Corp (SAM) was the most active code yesterday, with 3.2 million shares changing hands to end at its ceiling price of VND8,000 per share.

On the Ha Noi Stock Exchange, the HNX-Index closed 71.03 points, down 0.5 per cent from Tuesday's value, as losers outnumbered gainers 124-93.

Large-cap stocks slumped, with the HNX30 (tracking the 30 biggest shares by market capitalisation and liquidity on the Ha Noi market) down 1.18 per cent to stand at 134.63 points.

Trading value reached VND369.3 billion ($17.5 million) on a total volume of over 38.4 million shares.

VNDirect Securities Co (VND) was still the most active share nationwide with nearly 4.4 million traded. — VNS

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