Tuesday, August 22 2017

VietNamNews

Selling pressure hampers growth on City exchange

Update: January, 21/2015 - 08:29

The benchmark VN-Index inched up 0.12 per cent to close the session at 572.22 points but the market condition was negative with 103 stocks declining, 100 increasing and 105 ending flat. — Photo doanhnhansaigon

HA NOI (VNS) — Rising selling pressure in the afternoon restrained the market uptrend on the HCM City Stock Exchange yesterday as investors sat on the sidelines awaiting a clearer market outlook.

The benchmark VN-Index inched up 0.12 per cent to close the session at 572.22 points but the market condition was negative with 103 stocks declining, 100 increasing and 105 ending flat.

Reduced cash flow in the market showed in drops in both market volume and value. Almost 80 million shares worth VND1.5 trillion (US$70 million) were traded by the end of the session, down 10 per cent compared with Monday's level.

The rally of several large-cap stocks like PV Gas (GAS), Vietcombank (VCB), Vinamilk (VNM), Bao Viet Holdings (BVH), Phu My Fertiliser (DPM) and Hoa Phat Group (HPG) kept the market afloat by the day's end.

On the other end of the spectrum, Vietinbank (CTG), Eximbank (EIB), BIDV (BID), Sacombank (STB) and PetroVietnam Drilling and Wells Service Corp (PVD) all plunged, pulling the VN30, which tracks the top 30 shares by market value and liquidity, down 0.4 per cent to 609.19 points.

FLC Group (FLC), a member of the VN30, remained the most active code with trading of nearly 5.8 million shares. FLC closed unchanged at VND10,800 a share.

On the Ha Noi Stock Exchange, the HNX-Index widened its loss to another 0.32 per cent to finish yesterday at 84.99 points.

The HNX30, the tracker of the top 30 shares by market liquidity, also slipped 0.46 per cent to stand at 165.60 points.

Liquidity kept waning here with market volume reaching the lowest level since mid-August at 40 million shares worth VND545 billion ($25.5 million).

FLC's investment arm, KLF Joint Venture Global Investment Co (KLF), was again the most active code with 9.5 million shares exchanged, decreasing 0.87 per cent to settle at VND11,400 a share.

Foreign investors turned to be net sellers in HCM City with a net sell value of VND33.43 billion ($1.6 million) but rebounded to be net buyers in Ha Noi after heavy selling on Monday, picking up shares worth only VND6.9 billion ($322,400) in the capital city. — VNS

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