|Investors at Saigon Securities Inc (SSI). The VN-Index closed almost flat by the end of yesterday's session. — VNS Photo Viet Thanh
HA NOI (VNS) — The VN-Index closed almost flat at 568.32 points by the end of yesterday's session, erasing early gains. This was caused by unexpected declines of several large-cap shares.
PV Gas (GAS), the biggest stock in terms of market capitalisation on the HCM Stock Exchange, fell 1.48 per cent after rising 0.74 per cent.
The company estimated that its revenue this year could drop by 20 per cent and profits drop by 30 per cent compared with yearly forecasts if crude oil prices were about US$60 a barrel. (GAS business plans were based on the assumption that oil prices would be around $100 a barrel.)
GAS projected VND69.539 trillion ($3.2 billion) in revenue and VND11.526 trillion ($533.6 million) in net profit in 2015, down 5.6 per cent in revenue and 19.8 per cent in profit compared with the previous year's targets.
PetroVietnam Drilling and Well Services Corp (PVD) also closed the session down 0.93 per cent despite a rise of 2.8 per cent seen in the morning.
Other blue chips, such as Vinamilk (VNM), BIDV (BID), Vietinbank (CTG), Vietcombank (VCB) and Bao Viet Holdings (BVH), also retreated.
According to analysts at FPT Securities Co, this fall could be the result of profit-taking pressure after solid gains in past sessions.
However, as 12 of the top 30 shares by market value and liquidity on the exchanges gained value, the VN30 also ended 0.68 per cent higher at 599.12 points.
Liquidity improved as both market volume and value went up 10 per cent over Thursday, totalling 107.3 million shares worth VND2.06 trillion ($95.4 million).
Tan Tao Investment Industry Corp (ITA) was the most active code with 10.6 million shares, leaping 4.4 per cent to finish at VND7,200 a share.
On the Ha Noi Stock Exchange, the HNX-Index rose for a third day, edging up 0.25 per cent to end at 83.61 points.
The volume of trades also increased slightly against the previous session, reaching 57 million shares worth VND728 billion ($33.7 million).
F.I.T Investment Co (FIT) remained the most heavily-traded stocks with trades of 9.2 million shares, climbing 3.4 per cent to settle at VND16,600 ($0.78) a share.
Solid buys by foreign investors also supported the market. Foreigners yesterday picked up another VND565.4 billion ($26.2 million) worth of shares on the two markets. — VNS