Saturday, December 10 2016

VietNamNews

VN-Index down as holiday begins

Update: April, 28/2015 - 07:35
Investors watch market movements at a securities trading floor in Ha Noi. — VNA/VNS Photo Pham Hau
HA NOI  (VNS) — Blue chips lost ground in yesterday afternoon's session, pulling the VN-Index down 0.6 per cent to close at 562.40 points.

On the HCM Stock Exchange, the biggest stocks, including Masan Group (MSN), Vinamilk (VNM), VnGroup (VIC), Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID), Hoa Phat Group (HPG) and Phu My Fertiliser (DPM), declined by 0.9-4.4 per cent.

The VN30 which tracks the top 30 shares by market value and liquidity slumped 0.49 per cent to end at 593.15 points.

The continued drop of Ocean Group (OGC) also fuelled investor worries. Shares dived 5 per cent after many investors placed sell orders on millions of OGC shares at its floor price. However, only 675,700 shares changed hands by the end of yesterday's session.

On Saturday, the State Bank of Viet Nam announced it would buy Ocean Bank, in which Ocean Group is a major shareholder, at zero cost. This is the second bank that the central bank is acquiring compulsorily. The first was the Viet Nam Construction Bank (VNBC). OGC shares have lost 20 per cent since early April.

Overall market conditions were negative as the decliners outnumbered the advancers by 115-98, while another 93 closed flat.

Liquidity also drained with both market volume and value falling 20 per cent against Friday's levels, totalling nearly 62 million shares worth VND1.117 trillion (US$51.7 million).

FLC Group (FLC) was the most active stock with trades of more than 3.1 million shares, ending flat at VND10,400 a share.

By contrast, the HNX-Index on the Ha Noi Stock Exchange made a slight recovery, lifting the Index up 0.2 per cent to finish at 82.75 points.

However, the losers outnumbered the gainers by 104-94 - and 168 stocks were unchanged.

Liquidity also decreased as the market volume was down 10 per cent from the previous session to reach 40.5 million shares. Value of trades dropped 20 per cent from last Friday, totalling VND457.35 billion ($21.2 million).

Only seven stocks had trades of more than one million shares here, of which KLF Joint Venture Global Investment Co (KLF) was the most active with 5.4 million shares, ending flat at VND8,900 a share.

Foreign investors concluded yesterday as net sellers on both exchanges, unloading combined shares worth VND199.34 billion ($9.2 million).

According to many analysts, investors became more sluggish and traded with growing prudence ahead of the week-long holiday. — VNS

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