Friday, July 19 2019


Profit-taking drags down stocks

Update: August, 16/2014 - 08:49
Investors trace market fluctuations at Hoang Gia stock trading floor in Ha Noi. — VNS Photo Truong Vi

HA NOI (VNS)— The VN-Index on the HCM City Stock Exchange slid 0.17 per cent to end at 604.24 points, failing to retain yesterday's gains, although enterprises reported profits in the second quarter.

The trading value was nearly VND2 trillion (US$94.3 million) on a volume of 105.9 million shares.

The VN30 Index also lost 0.73 per cent to close at 645.13 points as leading large-cap stocks stumbled, including insurer Bao Viet (BVH), private equity firm Masan (MSN) and property developer Vingroup (VIC). Only six blue chips of the 30 stocks tracked by the index closed in the green.

Among the many stocks that posted growth in revenue and profits, Vingroup's revenue in the second quarter reached VND7.7 trillion ($363.2 million), increasing by 25 per cent compared with the first quarter. It made a profit of VND1.15 trillion ($54.2 million), up 8 per cent.

Meanwhile, the Tan Tao Investment Group (ITA) earned VND110.8 billion ($5.2 million) in revenue, soaring 143 per cent year over year. The company's net profit jumped by five times to reach VND44.8 billion ($2.1 million).

Some other firms that posted gains included property developer Hoang Anh Gia Lai (HAG), Tien Phong Plastics (NTP), Rang Dong Light Sources and Vacuum Flask (RAL), TMT Automobile (TMT), and construction firms Licogi 16 (LCG) and Binh Chanh (BCI).

On the Ha Noi Stock Exchange, the HNX-Index managed to rise 0.35 per cent to reach 82.23 points.

The HNX30 Index, comprising the bourse's top 30 shares in terms of capitalisation and liquidity, also increased 0.66 per cent to close at 166.86 points.

The overall value and volume of trade reached VND662.5 billion ($31.25 million) and 64 million shares respectively.

According to Bao Viet Securities Co's analyst Tran Duc Anh, profit-taking pressures are increasing as benchmark indexes are reaching their resistance levels. "There will be a short-term correction," he predicted.

"Today's selling pressure was not too strong, but it prevailed over buying power," commented FPT Securities Co's analysts.

Foreign investors yesterday reduced their net sales to VND48.8 billion ($2.3 million). — VNS

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