|Securities transactions are conducted at a BIDV trading floor. — VNS Photo Truong Vi
HA NOI (VNS) — The VN-Index rose 1.72 per cent to close the session at 591.75 points, but the decliners outnumbered the gainers, meaning the rally did not reflect the market's real development.
Blue chips, particularly banks and the companies foreign investors are keen on, led the market upturn on the HCM Stock Exchange. These companies will benefit most from the expansion of foreign ownership signed by the Government late last week.
This long-awaited regulation is expected to spur investment inflows in the market.
The VN30, which tracks the top 30 shares by market value and liquidity, jumped 1.86 per cent to end at 620.22 points.
Vietcombank (VCB), BIDV (BID), Sacombank (STB), Saigon Securities Inc (SSI), Vietinbank (CTG), PV Gas (GAS), Hoa Phat Group (HPG), Bao Viet Holdings (BVH) and FPT Corp (FPT) climbed to the highest level of the day with gains of between 1.6 and 5.2 per cent.
These were also the stocks hunted most by foreigners yesterday.
The foreign sector was the net buyer here with a net buy value of VND314 billion (US$14.4 million).
Overall liquidity went down, however, with the market volume declining 20 per cent from Friday's level to almost 122 million shares, while value of trades dived 30 per cent to reach nearly VND2.2 trillion ($100.9 million).
Real estate developer FLC Group (FLC) remained the most heavily-traded stock with a whopping 17 million shares, but its price tumbled 1.2 per cent to finish at VND8,800 a share.
On the Ha Noi Stock Exchange, the HNX-Index inched down 0.03 per cent to conclude the session at 85.49 as the losers outnumbered the gainers by 116-81 while the other 159 closed unchanged.
The increase of foreign ownership ratio seemed to have little impact on the northern exchange as blue chips like Asia Commercial Bank (ACB), PetroVietnam Technical Services Corp (PVS), Kim Long Securities (KLS) and Sai Gon-Ha Noi Securities (SHS) dragged the bourse down.
Liquidity also tumbled here as both market volume and value fell 20 per cent from Friday, totaling 47.6 million shares worth VND600.4 billion ($27.5 million).
FIT Investment Co (FIT) was the most active stock here with 6.4 million shares traded, sliding 1.6 per cent to close at VND13,000 ($0.60) a share.
Foreign investors were also net buyers here, responsible for a net buy of VND29.3 billion ($1.3 million) worth of shares. — VNS