CPI data fails to buoy markets
CPI data fails to buoy markets
Lower than expected increases in the consumer price index this month in the two major cities of Ha Noi and HCM City failed to lift shares on both national bourses November 21
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| Source: VietstockFinance |
CPI in November in Ha Noi was reported to rise by 0.22 per cent against last month while it rose by just 0.1 per cent in HCM City, the lowest rise in four years.
Low trading value on both exchanges is likely to mean a lack of strong momentum for an uptrend, according to analysts at Viet Capital Securities Co.
"The market will face strong selling at the level of 390 points on the VN-Index, and if the market can't break this level, it will start a short-term downward trend again," they said in a report.
On the HCM City Stock Exchange, the VN-Index failed to extend Tuesday's gains, losing 0.32 per cent to close yesterday's session at 383.87 points.
The value of trades was still sluggish, totalling VND364.7 billion (US$17.4 million), boosted by trading of top 30 shares, which accounted for 70 per cent of the total market value, or VND256.5 billion ($6.9 million).
However, a slump in blue chips weighed on the market yesterday, with more than half of the top 30 shares losing value, driving the VN30 down 0.49 per cent to stand at 452.87 points.
Steelmaker Hoa Phat Group (HPG) fell 3.2 per cent to VND18,000 ($0.86), while food processor Masan Group (MSN), property developer VinGroup (VIC) and Phu My Fertiliser (DPM) declined slightly.
Confectionery giant Kinh Do Corp (KDC) rose 1 per cent to finish at VND40,900 ($1.96) by the end of yesterday's session, despite dropping to the floor in the morning. Real estate firm Hoang Anh Gia Lai Co (HAG) also gained 1.5 per cent while most of the other top codes closed unchanged.
The Military Bank (MBB) was still the most active stock yesterday, with 1.23 million shares traded, and closed flat at VND12,100 ($0.58).
On the Ha Noi Stock Exchange, the HNX-Index also gave up 0.94 per cent to finish yesterday at 51.41 points with a low turnover of VND85.37 billion ($4.1 million).
Real estate company Sacomreal (SCR) reclaimed the position of being the most active code on the Ha Noi market with 3.17 million shares exchanged, but bottomed out at just VND4,300 a share.
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