|On the HCM Stock Exchange, the VN-Index lost another 0.29 per cent to close yesterday's session at 542.82 points. Blue chips were mixed. — File Photo
HA NOI (VNS) — Investors stayed away from the market yesterday, pulling the VN-Index and its liquidity down.
On the HCM Stock Exchange, the VN-Index lost another 0.29 per cent to close yesterday's session at 542.82 points. Blue chips were mixed.
VinGroup (VIC), Bao Viet Holdings (BVH), PV Gas (GAS), Vinamilk (VNM) closed flat, while bank stocks such as Vietcombank (VCB), Vietinbak (CTG), Sacombank (ST) and BIDV (BID) sank in the red.
Masan Group (MSN) increased 1.3 per cent, but low liquidity could not support the Index.
The VN30, which tracks the top 30 shares by market value and liquidity, was down 0.30 per cent to end at 569.28 points.
Market volume was little changed from the previous session, totalling 79.4 million shares, while value of trades dropped 16.5 per cent from Tuesday to reach VND1.16 trillion (US$53.5 million).
Ocean Group (OGC) rose for the second day, adding 7 per cent in value to close the session at VND3,100 per share.
OGC had traded at the floor price after it was taken over by the State Bank of Viet Nam early this month, and its inexpensive pricing lured bargain hunters. This share was the most active in the HCM City market yesterday, with more than eight million shares had been traded by the end of the session.
On the Ha Noi Stock Exchange, the HNX-Index managed to close in the green in the last trading minutes after sliding to a 2015 low on Tuesday. It recouped 0.27 per cent to finish the day at 79.37 points.
Trading finished low as just 32 million shares worth just VND357 billion ($16.5 million) were moved by the end of the day.
Sai Gon-Ha Noi Bank (SHB) continued to lead trades here with more than 3.6 million shares traded, closing unchanged at VND7,800 a share.
Foreign sectors extended their net selling streak on the HCM City market by unloading shares worth VND94.6 billion ($4.4 million). However, they remained net buyers on the Ha Noi's exchange with a small value of VND4.14 billion ($191,000).
According to Maybank Kim Eng Securities Co, both exchange-traded funds (ETF) trade in Viet Nam, including VNM and FTSE, are being sold at a discount of more than one per cent. (Prices of their fund certificates are traded below their net asset values). This may prevent these funds from purchasing more shares in Viet Nam.
"In the context that domestic cash flows are not strong, if foreign net sells prolong and at a stronger pace, the market is likely to get in trouble in the future," analysts at Maybank Kim Eng wrote in a note on its website. — VNS