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VietNamNews

‘Lucky cash' rush drags on stocks

Update: January, 06/2015 - 09:08
Investors trace market fluctuations at Rong Viet stock trading floor in HCM City. — VNA/VNS Photo Pham Hau
HA NOI  (VNS) — Profit-taking pressure to earn "lucky cash" on the first trading day of 2015 dragged shares down on both stock exchanges in the country yesterday.

On the HCM City Stock Exchange, the VN-Index lost 0.22 per cent to close at 544.45 points, while the VN30, which tracks the top 30 shares by market value and liquidity, dipped 0.33 per cent to end at 599.69 points.

Blue chips were the main drag with many large-cap shares losing value.

PV Gas (GAS), the biggest stock in term of market capitalisation, fell below VND70,000 to finish the session at VND69,000 (US$3.22) a share, a drop of 2.1 per cent from last week's close. Meanwhile, PetroVietnam Drilling and Wells Service Corp (PVD) slumped 5.6 per cent to settle at VND61,000 ($2.85) a share.

Other firms like PhuMy Fertilizer (DPM), Hoang Anh Gia Lai Co (HAG), Hoa Sen Group (HSG), HCM Securities Co (HCM), Saigon Securities Inc (SSI) and Refrigeration Electrical Engineering Corp (REE) all closed lower.

A lackluster trading atmosphere prevailed as both market volume and value declined 20 per cent from the last trading day, totaling nearly 96 million shares worth VND1.5 trillion ($70.1 million).

Real estate stocks like FLC Group (FLC), Ocean Group (OGC) and Tan Tao Investment Industry Corp (ITA) remained the most active codes. FLC led the market with 19 million shares traded, rising 1 per cent to close at VND11,000 a share.

On the Ha Noi Stock Exchange, the HNX-Index also decreased 0.29 per cent to end at 82.74 points after four-day holiday.

Oil and gas stocks like PetroVietnam Construction Corporation (PVX), PetroVietnam Technical Services Corp (PVS), PetroVietnam Drilling Mud Corporation (PVC) and PetroVietnam Engineering (PVE) were offloaded heavily as global oil prices continued to plunge to a five and a half year low.

PVX was the most heavily-traded stock with 8.3 million shares, surging 8.3 per cent to finish at VND5,200 a share.

Market volume also went down 20 per cent from the previous session to reach 53 million shares while the value of trades declined 10 per cent to VND704 billion (nearly $33 million).

Analysts see bright market prospects this year on the back of improved economic conditions, acceleration of equitisation of State-owned enterprises and introduction of new investment tools in the market.

Foreign investors ended up net buyers yesterday on the two exchanges, responsible for a modest purchase value of VND21 billion ($1 million). — VNS

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