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VietNamNews

Selling by ETFs lowers Index

Update: September, 20/2014 - 12:21

Investors trace market fluctuations at MB Securities's stock trading floor. — VNS Photo Truong Vi

HA NOI (VNS) — Heavy selling by exchange-traded funds (ETFs) seeking to restructure their portfolios brought down the value of the VN-Index yesterday afternoon.

Million of shares were sold in the 15-minute at-the-closing (ATC) session, causing the Index to fall 0.41 per cent to 613.29 points.

Foreign selling focused on Logistic Gemadept (GMD) and Development Investment Construction Co (DIG), which were removed from ETFs' new portfolios. GMD still rose 1.45 per cent in value on high demand from domestic investors, but DIG slid 2.26 per cent.

Blue chips scaled down by foreign holdings, like Vietcombank (VCB), BaoViet Holdings (BVH), Phu My Fertiliser (DPM), Sacombank (STB) and PetroVietnam Drilling and Well Services Corp (PVD), were also heavily unloaded.

"Today is the last trading day for the two ETFs, Market Vector Vietnam ETF and FTSE Vietnam UCITS ETF, before they close for review in September," analysts of FPT Securities Co wrote in yesterday's report.

The VN30, which tracks the top 30 shares by market value and liquidity, declined 0.77 per cent to close at 654.54 points.

Increased buying by domestic investors lifted liquidity. Market volume rose 20 per cent over Thursday, totaling over 218 million shares, while trading value climbed 40 per cent to VND5 trillion (US$237 million).

FLC Group (FLC) remained the most active stock with a whopping 49 million shares, jumping 2.56 per cent to finish at VND12,000 per share.

By contrast, the HNX-Index on the Ha Noi Stock Exchange sustained its rise, increasing 0.92 per cent to end at 88.89 points.

The market condition was positive as advancers outnumbered decliners by 120-85 while the other 155 closed flat.

Liquidity dropped here, however, with both market volume and value falling 20 per cent from the previous session, totaling 90.4 million shares worth VND1.4 trillion ($66.4 million).

With 9.8 million shares traded, FLC Joint Venture Global Investment Co (KLF) surprisingly took the position of the most active code from PetroVietnam Construction Corp. The shares fell 2.26 per cent to settle at VND13,000 per share.

Foreign investors concluded as net buyers in HCM City's market, purchasing VND38.5 billion ($1.8 million) worth of shares, but were net sellers in Ha Noi's market, unloading shares worth VND254 billion ($12 million). — VNS



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