Blue chips weigh on indices
Blue chips weigh on indices
Blue chips fell on the nation's stock markets October 30 afternoon, pushing the VN-Index on the HCM City Stock Exchange down 0.38 per cent to conclude the session at 389.86 points.
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| Source: VietstockFinance |
Most brokerage companies forecast a downward outlook this week with large-cap shares being the major drag on the southern bourse.
Shares holders began to unload blue chip shares after a strong rally during the previous weeks which would likely drag down the VN-Index and VN30 early this week, according to analysts from Viet Dragon Securities Co.
Without news that will boost the psychology of investors, the market was unlikely to rebound soon, they said, adding that low valuations were not appealing enough to overshadow potential risks.
The total value of trades yesterday was down 33 per cent from a day earlier, reaching just VND297.2 billion (US$14.2 million), of which VND137.8 billion ($6.6 million) came from transactions of top 30 shares.
Only three of the top 30 shares on the southern bourses climbed while 19 codes declined, driving the VN30 Index down 0.43 per cent to 459.04.
HCM City Infrastructure Investment (CII) was the biggest gainer, hitting the ceiling price of VND24,700 (US$1.18) a share, following news on Monday that the company will advance an 8-per-cent dividend in the form of cash for the first phase dividend this year.
Ending September, CII earned a total profit of VND218.37 billion ($10.4 million), an increase of more than 48 per cent over the same period last year.
However, shares in Tan Tao Investment Industry (ITA) were still the most active code with more than 2.5 million shares changing hands, closing off 2.33 per cent at VND4,200 a share.
Sluggish trading also depressed shares on the Ha Noi Stock Exchange, with the HNX-Index down 0.95 per cent to 53.13 points on a modest turnover of just VND259.35 billion ($8.1 million).
Shares of Nam Viet Bank (NVB) and Sai Gon-Ha Noi Bank (SHB) saw huge trading, with over 8 million NVB shares and 5.5 million SHB shares changing hands. While NVB closed flat at VND7,000 a share, SHB edged 5.26 per cent down at VND5,400 each.
NVB on Monday posted a nine-month profit of VND130.7 billion ($6.2 million), down 33.5 per cent year-on-year. The lender's deposits increased by 11.73 per cent to VND16.56 trillion ($788.6 million) but its bad debt rose from 2.92 per cent in the second quarter to 3.97 per cent by the end of September.
Foreign investors finished yesterday as net buyers on both stock exchanges, picking up a combined net buy of more than VND5 billion ($238,000) worth of shares.
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