Saturday, December 3 2016

VietNamNews

Blue chips restrain market growth

Update: May, 09/2015 - 08:53
Investors watch market movements at a Bao VIet Securities Co's trading floor. Both stock markets increased yesterday following the dong depreciation. — VNA/VNS Photo Tran Viet
HA NOI (VNS)— The number of advancing stocks outnumbered that of declining ones, but a large-cap share slowdown restrained the growth of the VN-Index yesterday.

On the HCM Stock Exchange, the VN-Index edged up 0.28 per cent to close the session at 554.51 points with 121 stocks rising, 71 dropping and 111 ending flat.

Strong growth of speculative shares lifted the market. Many hit ceiling prices, like HAI Agrochem Co (HAI), Sao Mai Group (ASm), PAN Pacific Corp (PAN) and Quang Nam Rubber Investment Co (VHG). Other stocks also escalated, including IDJ International Financial Investment & Enterprise Development Co (IDJ), Duc Long Gia Lai Group (DLG) and FLC Group (FLC), surging around 4 per cent each.

These shares were also among the most heavily-traded stocks yesterday, led by FLC with 12.2 million shares. FLC closed at the ceiling price of VND10,000 a share.

At the other end of spectrum, blue chips lost momentum as heavyweight stocks like Vietcombank (VCB), Vietinbank (CTG), Hoa Phat Group (HPG), VinGroup (VIC), and PetroVietnam Drilling and Wells Service Corp (PVD) all declined.

The VN30, which tracks the top 30 shares by market value and liquidity, inched up 0.09 per cent to stand at 582.91 points.

Liquidity was little changed compared with Thursday's level. Nearly 73 million shares worth more than VND1 trillion (US$46.1 million) were exchanged by the end of the session.

On the Ha Noi Stock Exchange, the HNX-Index also increased 0.45 per cent to finish at 80.29 points while the HNX30, which tracks the 30 shares with the highest liquidity, added 0.45 per cent to end at 80.29 points.

Liquidity continued to slide here with the trading volume and value both dropping 10 per cent against Thursday, totalling 31 million shares worth VND365 billion ($16.8 million).

Speculative stock KLF Joint Venture Global Investment Co (KLF) remained the growing impetus here, leading trades with 5.4 million shares. Its share price jumped 5.56 per cent to settle at VND7,600 a share.

Foreign investors continued to react positively to the weaker dong as the foreign sectors purchased another net buy value of VND73.6 billion ($3.4 million) worth of shares in the two markets yesterday.

According to statistics from the financial website cafef.vn, foreign holdings were valued at VND259 trillion ($12 billion) on the two national stock exchanges by Wednesday and the depreciation of local dong by 1 per cent on Thursday reduced their holding values by almost VND2.6 trillion, or $120 million.

Around 92 per cent of foreign portfolios focused on shares in the HCM City market, particularly in blue chips like Vinamilk (VNM), Vietcombank (VCB), Masan Group (MSN), Vietinbank (CTG) and VinGroup (VIC). — VNS


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