 Selling pressure hampers growth
Vietnam News - 7/24/2015 9:29:07 AM
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Shares improved slightly on the HCM Stock Exchange yesterday with the recovery of a few large-cap stocks and a high market liquidity.
The VN Index sometimes reached above 635 points, however, the index ended lower as shareholders posed strong selling pressure at the end and buyers were cautious about the market condition.The VN Index added 2.16 points or 0.34 per cent to end at 632.01 points with 86 gainers and 134 decliners.Market liquidity rose a little in both volume and value with nearly 121 million shares traded, worth VND2.32 trillion (US$107.3 million).Strong selling orders later in the day pushed large-cap shares below their previous session values, cutting the VN Index's early gains.The banking sector suffered the most from selling activity. At the end of the session, only Military Bank (MBB ) made gains, up 1.25 per cent to VND16,200.MBB was also the most active code with 9.75 million shares traded, followed by Saigon Securities Incorporation (SSI) with 8.8 million shares.The gas and oil sector declined, except PetroVietnam Gas Joint Stock Corporation (GAS) and PetroVietnam Drilling & Well Service Corporation (PVD), respectively gaining VND2,000 and VND900 in market value.Other losers included Ma San Group Corporation (MSN), property developer FLC Group (FLC), Vietcombank (VCB) and Vingroup Joint Stock Company (VIC).The VN Index could have fallen further without its support legs like Bao Viet Holdings (BVH), which hit the ceiling value at VND57,500, and securities and other large-cap shares likes Viet Nam Dairy Products Joint Stock Company (VNM) and FPT Corporation (FPT).Foreign investors also contributed to bringing the market up by switching from net sellers on Wednesday to net buyers yesterday, with value traded totaling VND82.68 billion ($3.83 million).The Ha Noi Stock Exchange's HNX Index performance was inverted, dropping 1.7 per cent to finish at 86.07 points as large-cap shares were sold strongly on the market.Declining stocks outnumbered advancing ones by 112 to 71, with 48.6 million shares traded at a value of VND641.65 billion ($29.7 million).Key sectors including banks, brokerage firms and gas corporations declined. Only VNDirect Securities JSC (VND) made a small gain of VND100 to close at VND14,800.Kim Vi Inox Import Export Production Joint Stock Company (KVC) continued to attract huge attention from investors with a value increase of VND3,300 or 9.88 per cent to VND36,700.Sai Gon Thuong Tin Real Estate JSC (SCR) topped the market in number of trades, 5.37 million shares.Foreign investors on the northern market totaled VND16.65 billion ($770,833) in net buys, 45 times larger than Wednesday's value.
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