Saturday, June 23 2018


Struggling blue chips drag markets into the red

Update: September, 19/2013 - 09:13
Staff at the Ha Noi Stock Exchange monitor shares. — VNA/VNS Photo Tuan Anh

HA NOI (VNS)  — Shares tumbled in both cities yesterday. On the HCM City Stock Exchange, the VN-Index lost 0.7 per cent to close at 474.26 points.

The VN30, tracking the southern bourse's 30 largest stocks in terms of capitalisation and liquidity, also retreated 0.8 per cent to 531.63 points. Only Phu My Fertiliser (DPM), software firm FPT (FPT), commercial baker Kinh Do (KDC) and PetroVietnam General Services (PET) managed to rally out of the blue chip stocks.

PetroVietnam Finance (PVF) hit its floor price again, while shares of Vietcombank (VCB), PetroVietnam Drilling Services (PVD), logistics firm Gemadept (GMD), rubber firms Casumina (CSM) and Da Nang Rubber (DRC) and HCM City Infrastructure Investment (CII) dropped between 2.3-4.8 per cent.

Total trading value reached VND744 billion (US$35 million) on a volume of 39 million shares.

On the Ha Noi Stock Exchange, the benchmark HNX-Index slid 1.34 per cent to close at 58.73 points.

Transactions on the bourse werelow at just VND172.8 billion ($8.1 million) on a volume of 27.2 million shares.

The HNX30, comprising the top 30 stocks, shed more than 2.1 per cent to finish at 107.02 points.

While foreign investors concluded the day as net buyers in Ha Noi by a margin of VND12.4 billion ($584,900), they were net sellers in HCM City with a net value of VND16.6 billion ($783,000).

In the short term, the market will be directed mainly by the transactions of foreign investors.

"The lack of supportive information has made domestic investors disoriented," said Bao Viet Securities Co analyst Tran Hai Yen.

"Overnight, the Fed Open Market Committee will announce its critical decision regarding quantitive easing," she said yesterday.

"If the Fed puts out a clearer message in the minutes of this meeting, investment will have a guide of where to go in global financial markets, including Viet Nam," she added.

Yen also predicted the domestic market would continue to be volatile for the remainder of the week.

On the bond market, Government-guaranteed bonds issued by the Viet Nam Development Bank failed to attract buyers yesterday. Among the VND3 trillion ($141.5 million) bonds of two-year, three-year, five-year and 10-year terms on offer, only 10-year bonds worth VND100 billion ($4.7 million) were sold, yielding 9.2 per cent per year.

According to the Ha Noi Stock Exchange, the Viet Nam Development Bank had raised VND24.4 trillion ($1.1 billion) through Government-guaranteed bonds since the beginning of this year. — VNS

Send Us Your Comments:

See also: