Thursday, July 19 2018

VietNamNews

Share slump presents opportunities

Update: August, 12/2014 - 08:57

HA NOI  (VNS) — Almost all stock indexes slumped yesterday, and liquidity declined compared to the previous session.

On the HCM City Stock Exchange, the benchmark VN-Index shed 0.55 per cent to 602.13 points. The VN30 Index, tracking the city's leading shares in terms of capitalisation and liquidity, also lost 0.58 per cent to 638.22 points.

Only eight of the 30 blue chips stocks managed to post gains, while three major shares – insurer Bao Viet (BVH), private equity firm Masan (MSN) and dairy producer Vinamilk (VNM) – retreated 0.7 to 1.4 per cent. Dragon Capital's member funds reportedly registered to sell 9.5 million VNM shares.

The overall value of trades reached VND1.73 trillion (US$81.6 million) on a volume of 87.7 million shares.

Financial stock FLC Group (FLC) led in trading volume, with 11.7 million shares changing hands. Realty shares, which included Hoang Anh Gia Lai (HAG), Sacom (SAM), Hoang Quan (HQC), Tan Tao (ITA) and Kinh Bac (KBC), extended their losses.

On the Ha Noi Stock Exchange, the HNX-Index fell 0.43 per cent to 80.59 points. Large-cap stocks dragged the HNX30 Index down 0.58 per cent to 161.59 points. Among sector indexes, only those tracking small-cap stocks and the industrial sector rallied.

Trading value and volume on the bourse reached VND463.3 billion ($21.8 million) and 37.5 million shares.

Despite yesterday's decline, KIS Viet Nam Securities Co's director Truong Hien Phuong believed the market would rally in August.

"The operations of many listed companies have shown good results, backing the market to grow," he said.

Phuong expected the uptrend to remain until next month.

"As there is a short correction there are opportunities to buy shares, but investors should not expect high profits," he cautioned.

Foreign investors yesterday retained their net selling status, unloading VND146 billion (nearly $6.9 million). They sold mostly MSN, PetroVietnam Technical Services (PVS), PetroVietnam Low Pressure Gas Distribution (PGD) and VNDirect Securities (VND). — VNS


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