Rally held back by blue chip slump
Rally held back by blue chip slump
Shares rallied slightly yesterday on both of the nation's stock exchanges, halting four days of decreases.
The VN-Index on the HCM City Stock Exchange added 0.57 per cent to 485.50 points.
However, trading value decreased compared to Monday's level, reaching nearly VND551.5 billion (US$26 million) on a volume of 29.8 million shares.
The VN30, tracking the 30 leading shares by capitalisation and liquidity on the bourse, also rose 0.3 per cent to 541.53 points. One third of the blue chips advanced, nine others closed the session unchanged while the remaining 11 stocks tumbled.
Steelmaker Hoa Sen Group (HSG) was the greatest loser, dropping by more than 4 per cent.
HSG's profit in June reached only VND25 billion ($1.17 million), declining 58.5 per cent compared to the previous month. However, the group fulfilled its profit target for this year in April.
Private equity firm Masan (MSN) also lost over 1 per cent despite the good news yesterday that JP Morgan and affiliates agreed on a $175 million loan to MSN subsidiary Masan Industrial, used to refinance a previous $108 million loan and further invest in the consumer goods segment.
The Masan Group is also the first private Vietnamese enterprise to receive a large loan of $150 million from the World Bank's Multilateral Investment Guarantee Agency (MICA).
"In addition, the loan has a lower interest rate than the $108 million deal," the group said in a statement.
On the Ha Noi Stock Exchange, the HNX-Index finished at 62.58 points, a 0.38 per cent increase.
However, both trading value and volume declined to just VND123.6 billion ($5.8 million) and 16.36 million shares.
The performance of the 30 largest stocks helped the HNX30 gain more than 0.7 per cent to 116.89 points.
vietnamnews
