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Blue chips cushion blow of gas price hike

Update: July, 09/2014 - 08:40

On the HCM City Stock Exchange, the VN-Index fluctuated but eventually inched up 0.13 per cent to close the session at 591.47 points despite decliners outnumbering advancers by 104-88. Other 110 closed flat.— Photo misa

HA NOI (VNS) — Hike in petroleum prices yesterday had negative impacts on the stock market but rallies of several large-cap shares helped rescue the market from a hard fall.

On the HCM City Stock Exchange, the VN-Index fluctuated but eventually inched up 0.13 per cent to close the session at 591.47 points despite decliners outnumbering advancers by 104-88. Other 110 closed flat.

Modest increases of three major shares including PV Gas (GAS), Masan Group (MSN) and VinGroup (VIC) was the main momentum of the market. These shares rose just 0.5-0.9 per cent. However, as the majority of the top 30 shares by market value and liquidity lost value, the VN30 still slipped 0.08 per cent to end at 636.21 points.

Liquidity declined with the market volume down 25 per cent from the previous session to nearly 97 million shares and fund certificates while the value of trades went down 30 per cent, totaling VND1.487 trillion (US$70.5 million).

Realty stocks were the most heavily-traded on the southern bourse, led by FLC Group (FLC) with 9.4 million shares, climbing 1.6 per cent to close at VND12,800 a share.

Tan Tao Investment Industry Corp (ITA) came second with a total volume of 6.5 million shares, closing flat at VND8,500 each while Becamex Infrastructure Development Co (IJC) followed on trades of 3.5 million shares, jumping 3.8 per cent to VND13,700.

Blue chips also supported the Ha Noi Stock Exchange, with the HNX-Index adding 0.55 per cent to end at 79.36 points although losers outnumbered gainers by 105-87. Other 166 were unmoved.

The main supporters were Sai Gon- Ha Noi Bank (SHB), Sai Gon Thuong Tin Real Estate Co (SCR) and construction giant Vinaconex (VCG). SHB was also the most active stock on trades of 6.5 million shares. The share price climbed 2.2 per cent to VND9,400 each. The HNX30, the tracker of the top 30 stocks on the northern bourse, was also up 1.04 per cent to stand at 162.05 points.

Trading declined, however, as the market volume dropped 10 per cent from Monday, totalling over 51 million shares worth nearly VND674 billion ($3.3 million).

Foreign investors unexpectedly were net sellers on the HCM City's market after 16 consecutive net buying sessions. They unloaded shares worth nearly VND51 billion ($2.4 million). However, they remained net buyers on the Ha Noi bourse, responsible for a net buy value of VND17.6 billion ($834,000). — VNS

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