Sunday, October 23 2016


Blue chips undercut market again

Update: August, 01/2015 - 08:35
Data is updated at the Ocean Securities Company. The VN-Index yesterday fell to 521.06 points after blue chips declined further. — VNA/VNS Photo Tran Viet
HA NOI (VNS)— Shares widened their losses yesterday afternoon as blue chips fell on rising precaution about the market outlook.

"Investors preferred standing on the defensive line when the market outlook was unclear to protect their portfolios," analysts of FPT Securities Co said on the company's website.

On the HCM Stock Exchange, the VN-Index lost 0.88 per cent to close the session at 621.06 points.

Blue chips led the downturn as banks, insurers, oil and gas shares - market drivers in previous rallies - all tumbled.

Vietcombank (VCB), the biggest stock in terms of market value, dropped 2.2 per cent while other banks like Military Bank (MBB), Eximbank (EIB), Vietinbank (CTG) and BIDV (BID) lost between 0.6-1.5 per cent in value.

Insurers took a steeper dive. Bao Viet Holdings (BVH) declined 4.6 per cent. Bao Minh Insurance (BMI) and BIDV Insurance (BIC) tumbled 1.8 and 3.5 per cent respectively.

The VN30, which tracks the top 30 shares, fell 0.67 per cent to end at 647.36 points.

Overall, the market condition was negative with 94 shares rising, 120 decreasing and 92 unchanged.

Liquidity continued to slide as both market volume and value dropped 10 per cent from Thursday, ending with 113 million shares worth VND2.1 trillion (US$96.3 million).

HCM City Infrastructure Investment Co (CII) led in market volume with 7 million shares traded, but its price declined 1.14 per cent to settle at VND26,000 ($1.19).

On the Ha Noi Stock Exchange, the HNX-Index fell 0.79 per cent to finish the day at 85.13 points. Advancers outnumbered decliners by 102 to 76 and 180 shares finished flat.

Trading volume was little changed at 35.5 million shares but value of trades declined 10 per cent to reach VND450 billion ($20.6 million).

The two most active stocks - FIT Invesment Co (FIT) and Kim Vi Inox Import Export Prodution (KVC) - reported trades of over 3 million shares yesterday, but with declining values by 1.63 per cent and 0.38 per cent respectively.

Foreigners' stronger buys failed to lift the market. They were responsible for a combined net buy value of VND57 billion ($26 million) worth of shares in the two markets yesterday. — VNS

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