Market's previous growth wanes

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VN-INDEX

1,209.52

+4.55/+0.38%

HNX-INDEX

226.82

-0.75/-0.33%

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Market's previous growth wanes

Vietnam News - 8/7/2015 9:32:57 AM

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The national stock market was unable to maintain Wednesday's growth as shareholders raised their selling volume to cut the market gains.

The VN-Index on the HCM Stock Exchange dropped 6.04 points to finish at 601.04 points with 69 advancing stocks and 132 losing ones.

The southern market traded a total 110.4 million shares, worth VND1.89 trillion (US$86.8 million).

Important sectors on the market such as insurance, gas and banking fell with huge impacts on the market.

Among the 30 largest shares in terms of capitalisation and liquidity, only Viet Nam Dairy Products Joint Stock Company (VNM), Hoa Sen Group (HSG) and Military Bank (MBB) improved.

MBB was the only bank stock to gain and was also the most active code on the southern bourse with 13.3 million of shares exchanged, followed by speculative shares Sao Mai Group Corporation (ASM) and FLC Group (FLC).

After gains from Wednesday's session, insurers turned and declined again yesterday. Bao Viet Holdings (BVH) lost VND1,200 and Bao Minh Insurance Corporation (BMI) dropped VND1,000.

On the Ha Noi Stock Exchange, the HNX-Index also dropped sharply after fluctuating strongly in the morning trading session.

The index finished at 83.79 points, a decrease of 0.88 per cent and marked 94 decliners and 72 gainers.

Weak purchasing power resulted in low market liquidity. The northern market traded just 37.5 million shares, worth VND390.57 billion ($17.9 million).

Investors turned their focus from large-cap codes to mid-cap and small-cap stocks, however, that change was unable to lift the market as shareholders significantly raised their supply.

Among key shares, only Sai Gon Thuong Tin Real Estate JSC (SCR) improved. Sai Gon-Ha Noi Bank (SHB) and Petro Vietnam Construction Joint Stock Company (PVX) were unchanged.

KLF Joint Venture Global Investment (KLF) remained the most active code on the market with 6.4 million shares traded, followed by FIT Investment JSC (FIT) and IB Securities Joint Stock Company (VIX).

Foreign investment yesterday was six times Wednesday's figure, recording net buy values of VND174 billion ($8 million).

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