Friday, November 24 2017

VietNamNews

Stocks decline, but 2015 growth potential seen

Update: January, 28/2015 - 08:12

Staff of the Ha Noi Stock Exchange check results of a share auction. — VNS Photo Thai Ha

HA NOI (VNS)  — National stocks tumbled yesterday despite earlier gains in the morning.

On the HCM Stock Exchange, while blue chips performed actively in the morning, they pushed the VN30 Index down 0.43 per cent to reach 609.98 points towards the end of the session.

Losers outnumbered gainers by 23 to four. Commercial baker Kinh Do (KDC) retained its momentum to hit the ceiling price of VND49,800 ($2.3) after announcing it would probably pay dividends in cash at a record 200 per cent.

Vinamilk (VNM)'s growth weakened from 3.5 per cent at the morning close to 2.5 per cent at the end of the day.

Meanwhile, big names were among the decliners such as insurer Bao Viet Holdings (BVH), software developer FPT (FPT), Masan Group (MSN) and property giant Vingroup (VIC).

The benchmark VN-Index fell 0.23 per cent to 579.30 points on turnover of VND2.8 trillion ($131.5 million).

Yun Hang Jin from Korea Investment and Securities saided that the Vietnamese stock market had potential to grow this year, although the supportive factors would not be as strong as in 2014. He predicted the VN-Index could rally to last year's peak of around 650 points.

On the Ha Noi Stock Exchange, the HNX-Index closed at 86.09 points, dropping 1 per cent.

Trading value reached over VND1 trillion ($46.9 million) as nearly 83.7 million shares changed hands.

The top 30 stocks on the northern bourse sent the HNX30 Index down 1.6 per cent to 165.94 points.

Real estate firm Sacomreal (SCR) was the most heavily traded stock, seeing 19.7 million shares exchanged, although the floor price dipped.

Foreign investors were net sellers on the HCM Stock Exchange by VND102.9 billion ($4.8 million) while concluding as net buyers in the capital by just VND366.2 million ($17,190).

According to Jin, there would not be a significant increase in foreign direct investment in the domestic stock market in the first half of this year. — VNS



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