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Shares off to shaky post-Tet start

Update: February, 07/2014 - 10:05

Le Hoang Quan, chairman of the HCM City People's Committee, hits the gong to open the first trading session of the Lunar New Year at the HCM City Stock Exchange (HOSE). — VNA/VNS Photo Hoang Hai

HA NOI (VNS) — After the nine-day Tet (Lunar New Year) holiday, shares were mixed on the opening trading day of the Year of the Horse.

On the HCM City Stock Exchange, the VN-Index was marginally down by 0.33 per cent to 554.68 points, due to losses suffered by several blue chip companies.

Both PetroVietnam Drilling (PVD) and Masan Group (MSN) lost VND3,000 (US$0.14) per share yesterday.

Technology giant FPT Group (FPT) and real estate groups Vingroup (VIC) and Vinamilk (VNM) also dropped VND1,000 ($0.048) per share each.

Despite these losses, the VN30-Index, which tracks the southern city's largest shares by capitalisation and liquidity, managed to rise 0.26 per cent to 626.31 points.

The increase was largely due to gains by insurance company Bao Viet Group (BVH), Southern Rubber Corporation (CSM), Hoang Anh Gia Lai Group (HAG), and Hoa Phat Group (HPG).

Gains by PetroVietnam Low Pressure Gas Distribution (PGD) and Sacombank (STB) also contributed to the increase.

The Kinh Do Group (KDC) increased VND3,500 (0.16) per share yesterday to reach its ceiling price of VND60,000 ($2.8).

The selling pressure was strong yesterday, once pushing the VN-Index to 552 points during the morning trading session. However, the pressure eased in the afternoon.

Overall, more than 89 million shares were traded, with a total value of VND1.52 trillion ($72.3 million). Gainers overwhelmed losers by 152-88.

According to Bao Viet Securities, stocks of the real estate and building materials sectors were active yesterday, due to signs of a recovery in the property market.

Despite the VN-Index closing down yesterday, many analysts were optimistic and forecast strong growth this year in the benchmark index, fueled by the macro-economic recovery and the appeal of the stock market as an attractive investment channel.

The benchmark indices on the Ha Noi Stock Exchange, however, welcomed the Year of the Horse in the black.

The HNX-Index advanced 1.11 per cent to 75.05 points, while the HNXFF-Index, composed of stocks with a minimum free-float rate of 5 per cent, gained 1.21 per cent to 74.34 points.

Liquidity was average, and 39 million shares changed hands, with a total trading value of VND362.5 billion ($17.26 million).

The HNX30-Index, composed of the capital city's top 30 shares, edged up 1.28 per cent to 146.84 points.

On the northern bourse, 158 codes increased yesterday, while only 49 codes lost. — VNS



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