|Strong foreign purchases of blue chips last week drove national markets up and steadied domestic investor confidence. — VNS Photo Truong Vi
HA NOI (VNS) — Strong foreign purchases of blue chips propped local markets up last week and encouraged domestic investors to retain confidence in domestic stocks.
On the HCM City Stock Exchange, the VN-Index dropped slightly by 0.45 per cent to close at 565.77 points, while the HNX-Index on the Ha Noi Stock Exchange fell by 1.23 per cent on the week, ending Friday's session at 82.58 points.
Market indices ended in the red for most of last week, resulting from narrow fluctuations and investors running for cover.
PetroVietnam Drilling and Well Services Corporation (PVD), PetroVietnam Gas Corporation (GAS), Vietcombank (VCB), BIDV (BID) and Vietinbank (CTG) were among blue chips that enjoyed positive trading last week.
In addition, trading activities were also limited as investors waited for Q1 business results.
On Friday, the market jumped suddenly based on rising large-caps and strong foreign investment. However, market liquidity was still low against previous sessions as investors prepared for the break this week.
The VN30, which tracks the top 30 shares by market value and liquidity in HCM City, ended down 0.5 per cent to finish at 596.10 points.
Liquidity was lower on both bourses against the previous week. Total trading volume on the HCM City Stock Exchange was down 1.07 per cent against the previous week at 427 million shares worth nearly VND7.43 trillion (US$344 million).
On the Ha Noi Stock Exchange, weekly volume decreased by 16.5 per cent, reaching 217.2 million shares valued at VND2.7 trillion ($125 million).
On both markets, NHP Production Import-Export JSC (NHP), Dong Nai Roofsheet And Construction Material JSC (DCT) and Petrolimex Insurance Corporation (PGI) made remarkable gains of 28.76 per cent, 15 per cent and 22.12 per cent, respectively.
On the contrary, Mirae JSC (KMR), Binh Thuan Mineral Industry JSC (KSA) and Thien Quang Group JSC (ITQ) dropped by 16.67 per cent, 13.64 per cent and 25 per cent, respectively.
Foreign traders were a supporting factor after finishing as net buyers, worth some VND672.4 billion ($31 million) on the two markets.
They poured VND573.6 billion ($26.5 million) into the HCM City market last week, with a focus on blue chips, including Vietcombank (VCB), Vietinbank (CTG), Vingroup JSC (VIC) and PetroVietnam Drilling & Well Services Corporation (PVD).
They also pumped VND96.8 billion ($4.5 million) into Ha Noi's market, focusing on large-cap shares including Petroleum Technical Services Corporation (PVS) and Sai Gon-Ha Noi Bank (SHB).
This week, national stock markets will take a break for Reunification Day and International Labour Day. — VNS