Blue chips rescue ropey market
Blue chips rescue ropey market
Robust rises in dairy giant Vinamilk (VNM) and Masan Group (MSN) rescued the VN-Index from a fall yesterday, buoying the index 0.76 per cent to close on 490.54 points after a 6 point slide in the morning.
The market tumbled earlier in the day, retaliating to a surge in August CPI (consumer price index) and moves by the State Securities Commission to tighten regulation on securities trading.
"The buying in blue-chips propped up the falling market. Today's performance was unpredictable to most traders indeed," according to a web post from analysts of FPT Securities Co yesterday.
VNM shares jumped 3 per cent to settle at VND140,000 (US$6.67) a share following confirmation its formula milk was safe and separate from tainted milk provided by New Zealand's Fonterra.
MSN also jumped 2 per cent to VND82,500 ($3.93) a share after falling to just VND77,000. Other blue chips which fell in the morning also rebounded in the afternoon, including PV Gas (GAS), Bao Viet Holdings (BVH), Hoang Anh Gia Lai Corp (HAG) and Hoa Phat Group (HPG).
Nearly half of the top 30 shares by market capitalisation and liquidity advanced, lifting the VN30 0.24 per cent to 543.38 points.
Trading was sluggish, however, as both market volume and value slumped 20 per cent from the previous session; trading 43 million shares worth VND926.6 billion ($44.1 million).
FLC Group (FLC) was the most active stock yesterday with trades of 2.3 million shares, closing at VND5,200. Tien Len Steel Corp (TLH) came second with 2.2 million shares changing hands at a ceiling price of VND6,500 each.
On the Ha Noi Stock Exchange, the HNX-Index also rose 0.6 per cent to finish yesterday's session at 61.79 points. However, trade continued to slide as just 14.5 million shares worth VND127.7 billion ($6.1 million) were exchanged, down 30 per cent in volume and value compared with Friday's session.
Sai Gon-Ha Noi Bank (SHB) continued to be the most active code on trades of 2.11 million shares at VND6,400 a share.
The foreign sector continued to slide yesterday as net sellers on both markets unloaded combined shares worth VND73.2 billion ($3.5 million).
vietnamnews
