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VietNamNews

Blue chip turnaround eases decline

Update: August, 13/2014 - 09:32
Investors trace market fluctuations at a FPT Securities' stock trading floor in Ha Noi. — VNS Photo Thai Ha

HA NOI (VNS) — Blue chips on the HCM City Stock Exchange did a turnaround, helping to ease the decline of the VN-Index which closed at 601.78 points, falling just 0.06 per cent.

Compared to Monday's session, trading was sluggish, with 83 million shares worth VND1.46 trillion (US$68.8 million) changing hands.

The performance of the 30 largest stocks in the exchange drove the VN30 Index up 0.27 per cent, reaching 639.96 points. Ten of the shares managed to rise, notably of property developer Vingroup (VIC), PetroVietnam Drilling Services (PVD) and Da Nang Rubber (DRC) which added 2 to 3.3 per cent.

Apart from the shares tracked by the VN30, newly listed Mobile World (MWG) jumped 3.5 per cent, and seafood processor Minh Phu (MPC) hit its ceiling price.

On the Ha Noi Stock Exchange, the declining momentum of indexes also slowed down. The HNX-Index shed 0.16 per cent to 80.47 points, while the HNX30 fell 0.06 per cent to 161.48 points.

Trading values rose dramatically to more than VND1.1 trillion ($51.8 million) on a volume of 66.7 million shares.

The surge in trading was due to transactions on construction company Vicostone (VCS), which saw over 29 million shares changing hands. The shares were exchanged through negotiations at VND23,100 ($1.1), higher than its closing price of VND19,500 ($0.9).

Yesterday's transactions could be related to the company's plan earlier this month to merge with rival Phuong Hoang Xanh A&A Company.

Foreign investors continued to be net sellers by VND142.3 billion ($6.7 million).

VIC was the most heavily sold with nearly 846,500 shares worth VND65.74 billion ($3.1 million) in net value, followed by private equity group Masan (MSN), property developer Hoang Anh Gia Lai (HAG), Kinh Do Confectionery (KDC) and PVD. — VNS

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