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VietNamNews

Trading sluggish ahead of public holiday closure

Update: May, 05/2014 - 08:34

The VN-Index on the southern bourse ended 0.17 per cent lower, at 587 points, while the HNX-Index on Ha Noi Exchange lost 0.86 per cent to end at 79.88 points.— File Photo

HA NOI (VNS) — Trading was sluggish as investors were cautious before the market closed for a five-day public holiday with the benchmark indices seen closing down on both bourse.

The VN-Index on the southern bourse ended 0.17 per cent lower, at 587 points, while the HNX-Index on Ha Noi Exchange lost 0.86 per cent to end at 79.88 points.

Last week, the market was only open on Monday and Tuesday and will resume operating today.

Responding to the long holiday, investors did not want to join in trading, resulting in declining liquidity over previous weeks.

On HCM City Stock Exchange, an average of 54 million shares were traded, worth some VND1.1 trillion ($52.3 million) per trading day, respectively 29 per cent and 15 per cent lower than the previous week.

The average trading volume and value on Ha Noi Exchange were 34 million shares and nearly VND345 billion ($16.8 million).

Large-cap stocks had a great impact on the market's gains and losses last week, which dragged down the benchmark indices on both national stock exchanges on Monday, but pushed up the indices on Tuesday.

On Monday, the VN-Index slid 1.01 per cent as blue chips tumbled, such as Masan Group (MSN), Vinamilk (VNM), Vingroup (VIC), Vietcombank (VCB), Sacombank (STB) and Bao Viet Holdings (BVH). According to Vietstock.vn, the large-cap stocks contributed 0.8 per cent of the 1.01 per cent drop on Monday

However, blue chips, including PetroVietnam Gas Corporation (GAS), Masan Group (MSN), Vietcombank (VCB), Sacombank (STB) and BIDV (BID), advanced on Tuesday, contributing 0.82 per cent of the 0.85 per cent gain on the VN-Index.

Foreign investors closed last week as net buyers with a net value of VND18.2 billion ($8.6 million), which was modest in comparison with previous weeks. — VNS

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