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VietNamNews

Large-cap losers weigh on index

Update: December, 01/2012 - 09:13

 

Investors monitor share fluctuations on screen at the VNDirect Securities in Ha Noi. — VNS Photo Truong Vi
HA NOI (VNS)– A sudden jump in blue-chip transactions on the HCM City Stock Exchange yesterday afternoon drove the total trading value up 800 per cent over the previous day, but share index slumped due to falls of large-cap shares.

More than VND1.6 trillion (US$76.6 million) of the total VND1.87 trillion ($89.6 million) were poured into several blue chip stocks through negotiations.

Property developer VinGroup (VIC) led the negotiations with 14 million shares, worth VND1.04 trillion ($50 million), traded. It was rumoured that Viet Nam Investment Group (related to VIC chairman Pham Nhat Vuong) sold 6.5 million shares and Ha Noi South Housing and Urban Development Corp sold another 8 million shares.

Dairy giant Vinamilk (VNM) followed with 2 million shares, worth VND245 billion ($11.7 million). Military Bank (MBB) also saw 5.56 million shares, worth VND66.7 ($3.2 million), traded, while software giant FPT Corp (FPT) had 1.83 million shares, worth VND58.7 ($2.8 million), exchanged.

Only FPT rose slightly to VND32,700 a share. Both VNM and MBB closed flat and VIC fell 0.7 per cent.

The VN30 tracking the top 30 shares was down 0.13 per cent to 443.68 points, while the benchmark VN-Index slid 0.1 per cent to close at 377.82 points.

Trading remained sluggish on the bourse with Tan Tao Investment Industry (ITA) being the most active trade with just 850,0000 shares changing hands, closing off 2.56 per cent at VND3,800 a share.

The HNX-Index on the Ha Noi bourse also gave up 0.1 per cent to finish the session at 51.05 with trading value falling to just VND80.2 billion ($3.8 million).

Sai Gon-Ha Noi Bank (SHB) was still the most active code with 2.24 million shares changing hands, closing up 2.08 per cent at VND4,900 a share.

As there has been no motivation to help maintain an uptrend, the possibility of shares falling steeply is likely, especially as market liquidity has constantly dropped in recent sessions.

According to most stock analysts, market risks at this stage are still very high, and investors are advised to take advantage of the recovery session to reduce the proportion of stocks in their portfolios. — VNS

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