Blue chips weigh on market
Blue chips weigh on market
Shares lost morning gains late in October 12 's session on the HCM City Stock Exchange, largely dragged down by declining blue chips. The VN-Index closed off by 0.42 per cent to conclude the day at 392.54 points.
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| Source: VietstockFinance |
The value of trades improved slightly over the previous day's session, totalling VND646.2 billion (US$30.8 million) on a volume of 55.4 million shares.
Half of the 30 leading shares on the exchange fell while only six advanced, and the VN30 Index declined by 0.24 per cent to 460.18 points.
Tan Tao Investment Corp (ITA) led the market with a record volume of 10.6 million shares, lifting its volume this week to 24 million shares. ITA closed yesterday's session at its ceiling price of VND4,600 a share.
Eximbank (EIB) was the second most-active share with two million changing hands, while seeing other 12.8 million EIB shares were traded through negotiation. The shares climbed 2 per cent to close the day at VND15,100 per share.
On the Ha Noi Stock Exchange, the HNX-Index also retreated 0.72 per cent, concluding the session at 55.44 points. The value of trades nearly halved to just VND186.6 billion ($6.1 million) on a volume of 29.4 million shares.
Two firms under the umbrella of PetroVietnam saw trades in excess of 3 million shares. Petroleum Real Estate (PVL) and PetroVietnam Construction (PVX) were the most-active shares on the northern bourse. However, while PVL closed at its ceiling price of VND3,100, PVX sank by 2.13 per cent to VND4,600.
According to Viet Nam Investment Securities Co analysts, the market is approaching its resistance levels on both exchanges and this has made investors more prudent.
"This also delivers [investors] an opportunity to buy in," they wrote in a research note. "A few declining sessions are necessary to make a sustainable rally."
Stocks with solid earnings would likely be favoured by investors, they said.
Foreign investors were net sellers on both exchanges yesterday, unloading shares worth a combined net of VND3.3 billion ($157,000).
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