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Shares rise on sluggish trading

Update: July, 31/2012 - 09:24

HA NOI — Viet Nam's markets opened a new trading week yesterday in positive territory, but trading remained sluggish on both bourses.

On the HCM City Stock Exchange, the benchmark VN-Index closed 0.45 per cent higher at 415 points, but trading value slumped to just VND461.8 billion (US$22 million), a decrease of 25.5 per cent from Friday.

Gains in several blue chips lifted the market. Both dairy producer Vinamilk (VNM) and food processor Masan Group (MSN) were up over 2 per cent, while software giant FPT Corp (FPT) and Sacombank (STB) gained around 1.5 per cent. All of these companies have posted higher Q2 profits compared to last year.

The fourth largest listed lender Sacombank (STB) with over 4 million shares changing hands was also the most active stock, ending the session at VND23,200 ($1.10).

The VN30 Index tracking the top 30 shares by market capitalisation and liquidity was also up 0.6 per cent at 492.55 points.

Meanwhile on the Ha Noi Stock Exchange, the HNX-Index also closed in the black with an increase of 0.14 per cent to 69.45 points.

Market value fell 33 per cent over the previous session totalling just VND248.3 billion ($11.8 million) on trading of 25 million shares.

Large-cap shares on the Ha Noi bourse lost value in the afternoon session, with the HNX30 losing 0.13 per cent to close at 131.39 points.

Market conditions were negative overall with 92 codes rising, 104 declining and 198 closing unchanged. VNDirect Securities (VND) was still the most active stock with 3.35 million shares changing hands, closing unchanged at VND10,900 ($0.52).

There were still no signs of a recovery period and buyers seemed unmoved by relatively attractive share prices, stock analysts from Investment Vietnam Securities Co wrote in a research note.

Many listed companies had reported Q2 losses, so short-term investors should sit out of the market and wait for more signs.

Foreign investors concluded yesterday as net buyers on both exchanges, picking up a combined VND10.5 billion ($500,000) worth of shares. — VNS

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