Wednesday, November 22 2017

VietNamNews

Shares fall as power price rises

Update: March, 07/2015 - 09:38
Stock transactions at the Royal Securities Company in Ha Noi. — VNS Photo Truong Vi
HA NOI  (VNS) — The market reacted negatively to news yesterday that electricity price were going up. Stock indices lost values on both national exchanges.

Electricity prices will increase by 7.5 per cent, equivalent to an average rise of more than VND1,622 per kWh from March 16.

On the HCM Stock Exchange, the benchmark VN-Index slipped 0.49 per cent to close the session at 593.97 points. The VN30, which tracks the top 30 shares by market value and liquidity, also dropped 0.4 per cent to end at 622.75 points.

Blue chips were mixed. While bank stocks, including Vietinbank (CTG), Eximbank (EIB), Sacombank (STB), Military Bank (MBB) and Bank for Investment and Development of Vietnam (BID) recovered from Thursday's losses, other large caps, including Hoang Anh Gia Lai Co (HAG), Bao Viet Holdings (BVH), Phu My Fertilizer (DPM) and VinGroup (VIC) slumped.

Liquidity went down under sluggish trading as both market volume and value dived about 25 per cent, totalling nearly 102 million shares worth VND1.85 trillion (US$86.4 million) by the end of the session.

FLC Group remained the most active code in the HCM City market yesterday with 7.7 million shares exchanged, but the price plunged 0.88 per cent to finish at VND11,200 a share.

FTSE, the British provider of stockmarket indices and data services, yesterday announced its first-quarter portfolio reviews for the FTSE Vietnam Index and FTSE Vietnam All-Share Index.

After this, three stocks, including Hoa Sen Group (HSG), The Southern Rubber Industry Co (CSM) and Ocean Group (OGC), were removed from the FTSE Vietnam Index and no shares were added. Meanwhile, the FTSE Vietnam All-Share Index included two stocks Eximbank (EIB) and Mobile World Group (MWG) into its basket.

On the Ha Noi Stock Exchange, the HNX-Index also inched down 0.02 per cent to end at 86.79 points despite the advancers outnumbered the decliners by 104-88.

Trading was also dull here. The market volume plunged 20 per cent from the previous session, totalling 44 million shares. The value of trades was down 30 per cent and reached VND525 billion ($24.5 million).

KLF Joint Venture Global Investment Co (KLF) was again the leading share among the trading volume of 3.6 million shares. It closed flat at VND10,700 a share.

Foreign investors turned heads to sell shares yesterday, offloading shares worth a total of VND111 billion ($5.2 million) on the two markets. —VNS

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