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Blue chip losses down indices

Update: April, 11/2014 - 08:44

On the HCM City Stock Exchange, the VN-Index lost 1.92 points or as much as 0.32 per cent to close at 601.33 points, as investors remained cautious and the capital injection eased.— Photo saigondautu

HA NOI (VNS) — Benchmark indices closed in the red yesterday after posting gains on two previous trading days on both the national stock exchanges, as large cap stocks tumbled.

On the HCM City Stock Exchange, the VN-Index lost 1.92 points or as much as 0.32 per cent to close at 601.33 points, as investors remained cautious and the capital injection eased. As more than 114 million shares changed hands, the total trading value reached nearly VND 2.4 trillion (US$114.28 million), slightly lower than the previous trading session.

According to FPT Securities, yesterday's losses were mainly registered in large cap stocks. Seventy out of the southern bourse's largest stocks by capitalisation and liquidity posted losses yesterday, overwhelming gainers which numbered ten.

Gains from Masan Group (MSN) and PetroVietnam Gas Corporation (GAS) supported the VN-Index to increase during yesterday's early trading to reach 609 points. However, selling pressure intensified and the market trend reversed and continued till the end of the day. Among blue chips, Kinh Do Corporation (KDC) decreased by VND4,000 ($0.19) to reach its floor price of VND57,500 ($2.7) per share.

Other losers were big names, such as Vinamilk (VNM), dropping VND3,000 ($0.14) or 2 per cent and Hoa Sen Group (HSG) losing VND1,000 ($0.047) or 1.8 per cent.

However, gains from Masan Group (MSN), HCM City Infrastructure Investment Corporation (CII), PetroVietnam Low Pressure Gas Distribution (PGD), and Sai Gon Securities (SSI) helped the benchmark index to narrow down its losses yesterday. Overall, on the southern bourse, losers overwhelmed gainers by 131-94.

On the Ha Noi Exchange, the trading volume and value also slightly eased over the previous sessions, and 58.8 million shares worth VND785 billion ($37.38 million) were traded. The HNX-Index slid 0.18 per cent to end at 87.64 points, while the HNXFF-Index, composed of stocks with minimum free float rate of 5 per cent, closed 0.32 per cent lower at 88.95 points. Tracking the capital city's top 30 stocks, the HNX30-Index tumbled 0.84 per cent to end the day at 183 points.

Foreign investors continued to be net sellers with a net value of VND146.6 billion ($7 million) on large cap stocks, such as Hoang Anh Gia Lai (HAG), Ocean Group (OGC), real estate giant Vingroup (VIC), and PetroVietnam Fertilisers and Chemicals Corporation (DPM). — VNS

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