Falling trade hits City index
Falling trade hits City index
Shares failed to retain gains in HCM City while managing to advance in Ha Noi yesterday.
HCM City shares fell back into the red following reports on a Grant Thorton survey that said Vietnamese business sentiment fell from 22 per cent in the first quarter to 14 per cent negative in the second quarter, the lowest figure among ASEAN countries.
Despite the drastic fall in confidence, the expectation for Viet Nam's corporate revenues and profits remained stable at 86 per cent. Up to 64 per cent of the survey's respondents were optimistic about improved business during the next 12 months.
On the HCM City Stock Exchange, the VN-Index edged down 0.37 per cent to 504.29 points.
Trading value reached around 90 per cent of Monday's level, totalling VND1.25 trillion (US$58.9 million) as over 53 million shares changed hands.
The VN30, tracking the southern bourse's top 30 shares, also declined 0.2 per cent to 556.79 points with only seven stocks closing in the green. Kinh Do Confectionery Co (KDC) led the rise, climbing by 3.4 per cent.
Meanwhile, 14 others tumbled. Private equity firm Masan Group (MSN) fell 2.6 per cent after a four-session rally. Insurer Bao Viet (BVH) also shed 3.7 per cent, while Saigon Securities Inc (SSI) lost nearly 4.5 per cent.
On the Ha Noi Stock Exchange, the benchmark HNX-Index rose 0.3 per cent to 62.99 points. However, trading remained sluggish with just 17.5 million shares worth VND134.76 billion ($6.3 million) exchanged.
Blue chips in Ha Noi drove the HNX30 up 0.04 per cent to 118.93 points.
Foreign investors were net buyers on both bourses yesterday by a combined margin of VND29 billion ($1.3 million). On Monday, there were no foreign transactions in HCM City.
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