Blue chips drive shares down
Blue chips drive shares down
Viet Nam's stock indexes fell back yesterday as blue chips failed to add any value.
In addition, the nation's consumer price index (CPI) for July had risen by 0.27 per cent. After four months of coming and going, the CPI is now following a clear trend upwards, rising by 2.68 per cent in comparison to last December and 7.29 per cent over July last year.
Yesterday's decline in large-cap shares was mainly down to foreign investors offloading. While the net selling value of foreign investors on the HCM City Stock Exchange was VND81.3 billion (US$3.8 million), it was VND100 million ($4,700) higher for the 30 shares tracked by the VN30. This is because their total net value is lower than the value of all 30 stocks as acquisitions of other stocks offset them.
Private equity group Masan (MSN), with a net value of VND12.8 billion ($603,700, came under a lot of pressure to sell and fell 3.7 per cent. Others to suffer from this bout of heavy selling were Eximbank (EIB) and Da Nang Rubber (DRC).
According to FPT Securities Company analysts, these blue chips had made positive gains from the start of this month, which means they had no difficulty in making a profit as the market reached its resistance level.
On the HCM City Stock Exchange, amongst the 30 largest stocks in terms of capitalisation and liquidity, only logistics company Gemadept (GMD) finished in the black. Three others, including the Military Bank (MBB), Sacombank (STB) and property developer Vingroup (VIC), remained unchanged. However, ten blue chips dropped between 2-4 per cent.
The VN30, tracking these 30 stocks, lost over 1.5 per cent to 548.24 points, while the benchmark VN-Index dropped 2 per cent to end at 494.18 points.
Trading values rose slightly compared to Tuesday, standing at VND1.39 trillion ($65.6 million) on a volume of 60.4 million shares.
On the Ha Noi Stock Exchange, the HNX-Index slid by nearly 1.3 per cent to stop at 62.19 points.
With almost 23.5 million shares changing hands, the value of trade jumped 39 per cent to VND187.7 billion ($8.8 million), after investors had taken their profits.
The HNX30, representing the bourse's leading shares, also fell back by 1.9 per cent to finish at 116.64 points.
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