Blue chips drag down VN-Index

Update: September, 06/2014 - 08:57
Investors watch the VN-Index yesterday at ABS Securities in HCM City. Slumping blue chips dragged down the benchmark VN-Index on the HCM Stock Exchange yesterday. — VNA/VNS Photo Hoang Hai
HA NOI (VNS)— Slumping blue chips dragged down the benchmark VN-Index on the HCM Stock Exchange yesterday, even though gainers doubled losers.

The VN-Index lost 1.57 points or 0.25 per cent to close the session at 638.65 points, while the VN30, which tracks the 30 shares with the highest market value and liquidity, went down 0.14 per cent to end at 677.62 points.

PV Gas (GAS), the biggest stock by market value, dropped 1.6 per cent to finish at VND123,000 (US$5.83).

Other large-cap shares also lost value. VinGroup (VIC) slid 3.5 per cent to VND55,500 ($2.63) a share as foreign investors unloaded over 4 million shares worth VND229 billion (nearly $11 million). Eximbank (EIB), Masan Group (MSN) and Hoang Anh Gia Lai Co (HAG) also fell from 0.8 to 1.6 per cent.

However, many investors continued to pour money into the market, keeping liquidity high amid trades of 162 million shares worth nearly VND3.1 trillion ($147 million).

Hot stocks like FLC Group (FLC) attracted the most investment. Leading in volume with 13.7 million shares traded, FLC closed flat at VND13,000 per share.

Most stock analysts said a correction was unavoidable after the long rally but saw the market rebounding in the next sessions as realty, securities, oil and gas stocks continued to draw investors.

In contrast, the HNX-Index on the Ha Noi Stock Exchange climbed 1.19 per cent to close at 88.54 points thanks to rebounds of blue chips like Vinaconex (VCG), Sacomreal (SCR), Kim Long Securities Co (KLS) and PetroVietnam Construction Corp (PVX).

PVX was also the most active code on the northern bourse with nearly 12 million shares changing hands. Their price soared over 7 per cent to end at VND6,100 a share.

The market condition was positive with 133 codes rising, 85 declining and 139 closing unchanged. However, liquidity declined slightly as both market volume and value fell 10 per cent from Thursday, totaling 76 million shares worth VND944 billion ($44.7 million).

Foreign investors concluded as net sellers on the two markets, offloading shares worth a combined VND177 billion ($8.4 million). — VNS