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Blue chips weigh on VN-Index

Update: October, 01/2014 - 08:23

Ha Noi Stock Exchange staff at work. The HNX-Index increased just 0.07 per cent to end at 88.63 points thanks to a late rally by blue chips. — VNS Photo Thai Ha

HA NOI (VNS) — Slumping blue chips dragged down the HCM City Stock Exchange again, with the benchmark VN-Index losing 0.16 per cent to end yesterday's session at 598.80 points.

Heavyweight stocks like PV Gas (GAS), Masan Group (MSN), Bao Viet Holdings (BVH), Vietinbank (CTG), Vietcombank (VCB), Saigon Securities Inc (SSI) Phu My Fertiliser (DPM) and VinGroup (VIC) all declined.

VIC was sold heavily by foreign investors yesterday, but steady demand from the domestic sector helped cushion its fall. It closed 1 per cent lower at VND48,000 (US$2.27) per share with nearly five million shares traded, including 2.5 million unloaded by foreigners.

Other blue chips had mixed results. The VN30 inched up 0.2 per cent to 644.25 points on gains by 17 of the top 30 shares by market value and liquidity.

Market volume climbed 20 per cent over the previous session, totaling nearly 154 million shares. However, the value of trades declined slightly to VND2.734 trillion ($130 million).

FLC Group (FLC) remained the most active code on the exchange with 23.4 million shares exchanged, jumping 4.5 per cent to close at VND11,700 ($0.55) a share.

By contrast, the HNX-Index on the Ha Noi Stock Exchange increased just 0.07 per cent to end at 88.63 points thanks to a late rally by blue chips like Bao Viet Securities Co (BVS), Sai Gon-Ha Noi Bank (SHB), Vinaconex (VCG) and Sai Gon-Ha Noi Securites Co (SHS).

Liquidity improved, with trading volume rising 20 per cent over Monday to almost 74 million shares worth more than VND1.2 trillion ($57 million), up 35 per cent compared with Monday's value.

FLC Joint Venture Global Investment Co (KLF) was the most active with over 11 million shares traded, rising 2.52 per cent to close at VND12,200 per share.

Analysts at SHB Securities Co said the market would continue accumulating value, as setting a new price level after a long rally was essential. In the short term, selling pressure was likely to be high, with investors unloading shares they bought when the market rallied.

Although they remained cautious on market prospects, analysts expected positive macro economic indicators like improved GDP and expected interest rate cuts to support the market in the future.

Foreign investors remained net sellers in HCM City's market, unloading shares worth VND111.2 billion ($5.3 million), while they were net buyers on the Ha Noi exchange with a net buy value of VND5.7 billion ($270,000). — VNS



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