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Blue chips fail to impress traders

Update: June, 25/2013 - 09:38
Investors watch share movements at Royal Securities Company in Ha Noi. Shares continued to tumble yesterday due to blue chip slumps. — VNS Photo Thai Ha

HA NOI (VNS)— Shares continued with their downwards trend across the country yesterday as this months consumer price index (CPI) rose slightly after faltering last month.

The CPI rise in June is estimated at 0.05 per cent, which is not surprising as previous predictions have indicated that the index could rise less than 0.1 per cent.

On the HCM City Stock Exchange, the VN-Index lost 1.82 per cent over Friday's close to end at 489.74 points.

The trading value and volume totalled VND1.1 trillion (US$52.3 million) and 58.3 million shares respectively.

Of the 30 leading shares in terms of capitalisation and liquidity tracked by the VN30, only eight stocks managed to rally.

Meanwhile, many blue chips fell sharply such as insurer Bao Viet (BVH), Phu My Fertiliser (DPM), steelmaker Hoa Sen (HSG), Vietcombank (VCB) and the Masan Group (MSN), which plunged to floor price.

The VN30 finished yesterday's trading 1.27 per cent off, to end at 546.56 points.

The trend to sell exchange-traded funds' certificates continued to be a major factor affecting the market yesterday, according to Bao Viet Securities Company analyst Nguyen Xuan Binh.

"This has created a short-term sell-off in emerging markets," he added.

"Investors were hoping for a better performance after the fund restructured its portfolio and became disappointed when the share prices did not reflect their expectations," he said.

Yesterday's losses triggered a new short-term decline, with not much to cheer up investors in the third quarter, according to Binh.

On the Ha Noi Stock Exchange, the HNX-Index dropped 1.1 per cent to end at 63.55 points on a turnover of VND300.45 billion ($14.3 million).

Shares tracked by the HNX30 were also looking bleak, with only four stocks increasing in value. The index finished at 119.05 points, 2 per cent down compared to the previous session.

Foreign net sellers ended yesterday's session with a margin of VND191.1 billion ($9.1 million). — VNS


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