Blue chips give slight boost to stocks
Blue chips give slight boost to stocks
The recovery of some blue chips February 26 afternoon rescued stocks from anther fall, as indices on both national stock exchanges closed in the black.
On the HCM City exchange, the VN-Index edged up 0.14 per cent to finish at 465.72 points. Trading value decreased 33.5 per cent from Tuesday, totalling VND978 billion (US$46.8 million).
Gains of heavyweight shares such as Vietinbank (CTG), dairy giant Vinamilk (VNM) and property developer VinGroup (VIC) lifted the index.
The exchange-traded fund FTSE will announce its review of the shares included in its FTSE Vietnam Index and FTSE Vietnam All-Share Index in the next two days. Many investors are trying to guess the change (if any) that will take place next week and increase their buys in these shares, according to many stock analysts.
However, as half of the top 30 shares on the bourse slid, the VN30 tracking these shares also declined, going down 0.2 per cent to close at 535.86 points.
Tan Tao Investment Industry (ITA) was the most active code with more than 10 million shares changing hands, but it still fell 6.33 per cent to VND7,400 a share.
“Two steep declines in four days undermined investors’ confidence in equity assets. Many decided to wait for concrete development, especially when foreign investors slowed their buying,” FPT Securities Co’s analysts wrote in a report.
According to these analysts, the Prime Minister’s decision not to hike petrol prices on Tuesday did not seem to have been strong enough to reassure investors, who opted to sell off shares to avoid risk.
On the Ha Noi Stock Exchange, the HNX-Index also rose 0.97 per cent to close at 62.61 points on a turnover of over VND501 billion ($24 million).
PetroVietnam Construction (PVX) led the market with total trades of 13.3 million shares, closing at VND6,100, off 3.2 per cent from the previous session.
Foreign investors concluded yesterday as net sellers on both exchanges, unloading a combined VND40 billion ($$1.9 million) worth of shares.
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