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Shares sink on portfolio reviews
Source: VNS - 3/14/2017 9:43:04 AM
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Shares edged down on both national stock exchanges yesterday amid volatility caused by portfolio restructuring activity of exchange-traded funds, as well as possibility of an interest rate hike by the US federal reserve.

The benchmark on the HCM Stock Exchange dropped 0.3 per cent to close at 710.2 points. The southern index fell 1.1 per cent in the last three sessions.

On the Hà Nội Stock Exchange, the HNX-Index dropped 1.3 per cent to end at 87 points. The northern index gained 1.7 per cent last week.

Blue chips were the main drag, as only ten stocks of the top 30 largest shares by market value and liquidity advanced, while 18 tumbled.

Big losers included banks and financial agencies, such as Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Bảo Việt Holdings (BVH), as well as private equity firm Masan Group (MSN).

Meanwhile, energy stocks, including PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Services (PVS) and PetroVietnam Drilling Mud (PVC) fell between 0.6-2 per cent due to negative impacts of global oil prices.

On the bright side, property developer Novaland Investment Group (NVL) rose by the daily maximum 7 per cent permitted on the HCM Stock Exchange to VNĐ72,700 (US$3.19) a share thanks to active trade by foreign investors.

On Saturday, MVIS Vietnam under the VanEck Vectors Vietnam ETF (exchange traded fund) announced Novaland would be added into the basket of its ETF VNM despite falling short of its six-month trading time requirement. (Novaland shares started the first trading day on December 28, 2016.)

Meanwhile, shares of Tân Tạo Investment Industry Corp (ITA) were eliminated from the basket. ITA prices sank 6 per cent to settle at VNĐ3,980 a share.

“The market is forecast to see a number of changes this week, concerning the portfolio review of ETFs and the FOMC (Federal Open Market Committee) meeting’s results,” said Trần Đức Anh, a stock analyst at Bảo Việt Securities Co.

Besides ETFs’ portfolio restructuring activity, investors are paying close attention to the US Fed’s meeting this week, in which market insiders expect a first rate hike this year. If this happens, the market could see negative movements on fears of foreign investment moving out of the local market.

Liquidity remained high with nearly 191 million shares worth a combined VNĐ4 trillion ($175.4 million) traded in the two markets.

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