Viet Nam News
HÀ NỘI — Vietnamese shares were mixed yesterday while investor confidence in the market prospects remained low, pulling market trading to its lowest level since mid-February.
The benchmark VN Index on the HCM Stock Exchange was volatile before rebounding 0.3 per cent from a month’s low hit on Friday to close at 629.46 points.
Late buying in some large-cap and mid-cap stocks was the major factor that drove the index upwards after investors were cautious with the market prospects in the previous sessions, Sài Gòn-Hà Nội Securities Corp (SHS) said in a report.
Blue chips that had a positive impact on the market were Joint Stock Commercial Bank for Foreign Trade of Việt Nam (VCB), PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Services Corp (PVD).
Market speculations helped VCB advance 2 per cent after both international and local media on Friday reported that the bank may sell a 7 per cent stake to Singapore’s investment fund GIC Private Equity.
GAS and PVD respectively added 1.6 per cent and 1.7 per cent as crude prices continued their recovery from the 3.5-month low hit on August 2.
US crude and Brent crude gained 1.5 per cent and 1.4 per cent to trade at US$42.44 and $44.87 a barrel, totaling increases of 7.4 per cent and 7.3 per cent over the last four sessions.
Hoàng Anh Gia Lai JSC (HAG) and its subsidiary Hoàng Anh Gia Lai International Agriculture JSC (HNG) increased by 3.9 per cent and 1.8 per cent after HNG cleared speculations on being delisted from the stock market.
However, other smaller companies with negative business conditions continued to weigh on investor confidence, including Japan Việt Nam Medical Instrument JSC (JVC) and Trường Thành Furniture Corp (TTF).
JVC slumped 6.1 per cent after the company published the audited financial report for the fiscal year of 2015-16, which recorded a loss of VNĐ1.33 trillion ($59.3 million).
TTF plunged another 6.8 per cent as the company was limited in trading after it failed to provide shareholders with clarification on VNĐ980 billion in missing inventories. TTF has plummeted two-thirds since July 19.
The HNX Index on the Hà Nội Stock Exchange inched down 0.1 per cent to end at 80.99 points, extending a loss of 3.2 per cent for a sixth session.
Weak investor sentiment continued to keep market trading liquidity low. Both local bourses traded some 121.5 million shares worth VNĐ1.87 trillion – the lowest trading value since the stock market returned to trading almost six months ago. — VNS