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Shares slide as markets readjust

Update: September, 17/2013 - 08:17

On the HCM City Stock Exchange, the VN-Index shed 0.18 per cent to 475.57 points.— Photo vinacorp

HA NOI (VNS) — Shares tumbled yesterday amid restructuring from the two exchange-traded funds in the domestic market.

FTSE Vietnam Index and Market Vectors Vietnam ETFs began their first day of portfolio restructuring yesterday, with all eyes on Sai Gon-Ha Noi Bank (SHB), PetroVietnam Finance (PVF), Da Nang Rubber (DRC), Song Da Construction (SJS), Pha Lai Thermalpower (PPC), Vietcombank (VCB) and construction giant Vinaconex (VCG).

SHB led the market in trading volume, with 23.6 million shares changing hands, its highest level since February. Foreign investors bought 5.6 million SHB shares before it closed yesterday's session up 6.2 per cent at VND6,900.

Along with SHB, DRC was also added to Market Vectors Vietnam's portfolio, hitting the ceiling price at VND40,900 (US$1.9).

Meanwhile, the funds stopped flowing to other stocks, including PVF which fell to the floor price of VND4,600.

On the HCM City Stock Exchange, the VN-Index shed 0.18 per cent to 475.57 points.

Total trading value jumped 40.8 per cent compared to last Friday to VND668.6 billion ($31.5 million) on a volume of 38.5 million shares.

Blue chips closed mixed, with the VN30 edging up 0.15 per cent to 531.99 points.

With DRC and PVF reaching the market's daily limit, shares Bao Viet (BVH) shed 2.8 per cent, PPC lost 6.3 per cent, while rubber firm Casumina (CSM) advanced 4.3 per cent.

On the Ha Noi Stock Exchange, the HNX-Index slid 0.26 per cent to 60.03 points.

Trading value soared 170 per cent over last Friday to VND256.4 billion (USD$12 million) due to high transactions on SHB, while trading volume fetched more than 38 million shares.

The HNX30 rose 0.15 per cent to 110.40 points, buoyed by outperforming blue chips. — VNS

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