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VietNamNews

Strong cash flows bolster stock markets

Update: May, 25/2013 - 10:51
Investors follow market movements at the VnDirect Stock Trading Floor in Ha Noi. Strong cash flows helped maintain the VN-Index uptrend yesterday. — VNS Photo Viet Thanh
HA NOI (VNS)— Stocks declined slightlty yesterday afternoon on the HCM City exchange but strong cash inflow helped maintain the VN-Index uptrend.

The benchmark VN-Index gained 0.41 per cent to close the session at 500.24 points with advancers outnumbering decliners by 140-82.

Both market volume and value decreased about 20 per cent from the previous session but were still high at over 62.5 million shares, worth VND1.1 trillion (US$52.4 million).

The General Statistics Office yesterday morning announced the nation's CPI in May fell 0.06 per cent against the previous month, the third decrease in the past three months.

The information failed to bolster investor sentiment as many expect CPI to rise again to boost consumption.

"However, slowing inflation growth will also likely open up a new possibility for loosened credit policy to spur weakening consumption," analysts of FPT Securities Co commented in a report.

Blue chips were mixed due to pressure of profit taking on some shares. Among the top 30 shares by market capitalisation and liquidity, 17 advanced while 10 declined and three were unmoved.

While property giant VinGroup (VIC), PetroVietnam Gas (GAS) and dairy producer Vinamilk (VNM) climbed, other heavyweight shares like insurer Bao Viet Holdings (BVH), Vietcombank (VCB) and Masan Group (MSN) shed value.

The VN30 was still up 0.36 per cent to stand at 563.81 points.

Refrigeration Electrical Engineering (REE) was still the most active code in the morning with 3.44 million shares traded, hitting the ceiling price at VND26,000 ($1.24) a share.

Meanwhile, strong cash flow in the last trading minutes helped lift shares on the Ha Noi Stock Exchange, with the HNX-Index up 0.85 per cent at 62.61 points.

Around 43 million shares, worth VND371.7 billion ($17.7 million), changed hands by the end of the session. Sai Gon-Ha Noi Bank (SHB) was again the most heavily traded code with 9.2 million shares changing hands at VND7,200 a share.

Pham Tien Dung, analyst of Bao Viet Securities Co, warned selling pressure increased when both indices reached their technical barriers, 505-515 points for the VN-Index and 62.5-63.3 points for the HNX-Index.

"We believe how the market fluctuate around these barriers will decide the market trend in the future," he wrote in a report.

Foreign investors suddenly became net sellers on both markets yesterday, unloading shares worth a combined VND84 billion ($4 million). — VNS


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