Blue chips weigh on markets
Blue chips weigh on markets
Shares ended February 20 morning higher but then disappointed investors by closing the session in the red.
On the HCM City Stock Exchange, the VN-Index finished at 490.78 points, a 0.64 per cent decrease. Gainers, however, were still higher than losers by over 34 codes.
Trading value and volume jumped by about 49 per cent compared to the previous day’s level, totalling VND1.48 trillion (US$70.4 million) and nearly 104.5 million shares.
Of the 30 leading shares tracked by the VN30, there were only seven rising stocks while declining stocks tripled that figure.
The index dropped by 0.73 per cent to 570.22 points.
On the Ha Noi Stock Exchange, the HNX-Index also fell by 0.7 per cent to reach 66.25 points.
Around 104 million shares were exchanged on a turnover of VND845.4 billion ($40.2 million), climbing 37 per cent over Monday’s session.
The HNX30, composed of the northern bourse’s largest stocks, retreated 0.97 per cent to stand at 131.74 points.
Sai Gon – Ha Noi Bank (SHB) was the most active stock with 27.3 million shares changing hands. However, it lost 2.5 per cent to VND7,900 per share after posting a loss of almost VND100 billion ($4.7 million) last year.
After merging with Habubank (previously listed as HBB), SHB saw a deteriorating bad debt ratio. Last year’s ratio increased by nearly four times to 8.53 per cent compared to 2011.
After concluding as net sellers during trade on Monday, foreign investors were buyers yesterday by a margin of VND92.2 billion ($4.3 million) on both bourses.
In the short term, the correction might extend, said FPT Securities Co analysts. “However, the positive trend can continue in the medium term.”
Foreign investors would remain as the decisive factor for the market, added analysts for the website vietstock.vn.
”We’ve heard news that more cash from exchange-traded funds will flow into the Vietnamese market.”
Investor sentiment was positive, willing to take risks despite profit taking pressure after the Lunar Tet holiday, they stated.
Another factor attracting foreign capital was the restructuring of overdue debts at State-owned shipbuilder Vinashin.
Last month, foreign investors pushed their buys on both national stock exchanges to a net value of over VND2.8 trillion ($133.3 million).
vietnamnews
