Friday, August 18 2017

VietNamNews

Shares drop off on both bourses

Update: March, 03/2015 - 09:00
On the HCM Stock Exchange, the benchmark VN-Index closed at 590.73 points. — File Photo
HA NOI  (VNS) — Stocks edged lower yesterday on the two exchanges as investor sentiment continued to weaken on slow liquidity.

On the HCM Stock Exchange, the benchmark VN-Index closed at 590.73 points, a drop of 0.31 per cent from Friday's level, while the VN30 which tracks the top 30 shares by market value and liquidity, inched down 0.22 per cent to end at 617.05 points.

Dwindling bank shares were the main reason for the declines as most shares of this group lost value, including Vietcombank (VCB), Military Bank (MBB), Vietinbank (CTG), Bank for Investment and Development of Viet Nam (BID) and Sacombank (STB).

However, regardless of domestic sells, foreign investors yesterday increased their buys in bank shares, helping cushion their fall. CTG was the most heavily purchased shares by foreigners with a net buy of VND6 billion (US$280,000), along with BID and STB.

This sector were net buyers in the two markets yesterday, responsible for a combined net buy value of VND134 billion ($6.3 million), of which VND123 billion ($5.7 million) was disbursed in HCM City's bourse.

"Overall market sentiment today is not too bad with stable demand and increased foreign cash flows. Under these circumstances, investors still can buy good stocks when the market declines, but should not use margins due to a lack of support information and selling pressure in the market," said analysts of the financial website vietstock.vn.

Liquidity remained low with nearly 87 million shares worth VND1.5 trillion ($70.1 million) by the end of the session.

FLC Group (FLC) claimed the most active stock position with trading of 10.3 million shares, going up 0.91 per cent to finish at VND11,100 a share.

Ocean Group (OGC) came second with 6.7 million shares exchanged, but the share dropped to the floor price of VND5,400 a share. This is the second session this share adjusted down after three consecutive rising days.

The FTSE exchange-traded fund will announce its new portfolio this week, following which OGC, The Southern Rubber Industry Co (CSM) and Hoa Sen Group (HSG) will likely be removed from its investment portfolio.

On the Ha Noi Stock Exchange, the HNX-Index also slumped 0.35 per cent to close at 85.48 points on waning trading.

The market volume and value were down 20 per cent from the previous session, totaling 32.4 million shares worth nearly VND406 billion ($19 million). — VNS


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