Thursday, December 8 2016

VietNamNews

Shares mixed as foreign buys weaken

Update: June, 04/2015 - 09:01
On the HCM Stock Exchange, the benchmark VN-Index edged down 0.42 per cent to close the session at 567.90 points while the VN30, which tracks the 30 shares with the highest market value and liquidity, slumped 0.51 per cent to end at 585.60 points. — Photo doanhnhansaigon
HA NOI (VNS) — The VN-Index ended lower yesterday despite a high opening note in the morning, dragged down by blue chips.

On the HCM Stock Exchange, the benchmark VN-Index edged down 0.42 per cent to close the session at 567.90 points while the VN30, which tracks the 30 shares with the highest market value and liquidity, slumped 0.51 per cent to end at 585.60 points.

The positive development was that the number of gaining stocks doubled that of the losers.

Blue chips were main drag in the market yesterday as large-cap shares like Military Bank (MBB), Hoa Phat Group (HPG), FLC Group (FLC), Vietcombank (VCB) and Eximbank (EIB) lost substantial values.

Analysts at the Investment Viet Nam Securities Co. said buying power remained positive as bargain investors were waiting for further declines to purchase. In addition, continuous buys by foreign investors would continue to support the market.

"The downward correction is expected to be modest and the landmark of 560 points should be the first support level for the VN-Index," they wrote in a note.

Liquidity increased slightly yesterday with a total of 125.5 million shares worth VND2.07 trillion (US$95.4 million) being traded by the end of the session.

HCM City Infrastructure Investment Co (CII) continued to top the market in terms of the trading volume with a whopping 28.5 million shares traded. Its prices soared 6.63 per cent to close yesterday at VND20,900 (96 US cents) a share.

Yesterday was the first day that Vinaphil Technical Infrastructure Investment Co, a major shareholder of CII, began the sale of its entire holding of 22.3 million CII shares. The sale will happen from June 3 to July 2. Vinaphil had sold another 10 million CII shares last week.

On the Ha Noi Stock Exchange, the HNX-Index still added 0.99 per cent to finish the session at 83.95 points.

Liquidity was built as the market volume rose 8 per cent over Tuesday, totaling 58.5 million shares, while the value of trades climbed 22.5 per cent to reach nearly VND785 billion ($36.2 million).

F.I.T Investment Co (FIT) was the most active stock in the Ha Noi market yesterday with 4.7 million shares traded. Its prices jumped 5.44 per cent to end at VND15,500 ($0.71) each.

Foreign investors were mixed yesterday. They turned heads to end as net sellers in HCM City after a long streak of net buying, unloading shares worth VND96 billion ($4.4 million); but remained net buyers in Ha Noi with a modest value of VND40 billion ($1.8 million). — VNS

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