Markets ignore electricity price hike
Markets ignore electricity price hike
Stocks closed slightly higher yesterday on both exchanges despite news of an electricity price hike late on Wednesday. However, trading remained sluggish due to mounting investor caution.
On the HCM City Stock Exchange, the VN-Index rose just 0.12 per cent to close yesterday at 492.43 points, while the VN30, tracking the top 30 shares by market capitalisation and liquidity, was up 0.19 per cent at 543.56 points.
The electricity price hike of 5 per cent helped lift shares of power companies.
Ba Ria Thermal Power (BTP) climbed 2.7 per cent to VND15,300 (US$0.73) a share; Khanh Hoa Power (KHP) was up 2.4 per cent, Pha Lai Thermal Power (PPC) was up 1.8 per cent and Vinh Son-Song Hinh Hydropower (VSH) was up 0.8 per cent.
Modest increases on some heavyweight shares such as VinGroup (VIC), Hoang Anh Gia Lai Group (HAG) and Vietinbank (CTG) also helped sustain the market uptrend. These shares gained between 0.5-1 percent each.
Overall, losers outnumbered gainers by 105-94, while another 106 closed flat.
Both market volume and value fell 22 percent from the previous day, totaling 31.5 million shares, worth VND613 billion ($29.2 million).
PetroVietnam Transportation Corp (PVT) was the most active code yesterday with nearly 1.7 million shares changing hands at VND5,800 a share.
According to stock analysts at Sai Gon-Ha Noi Bank (SHB), the continuing decline in liquidity showed an unstable uptrend. This was more likely a short-term technical rise with the nearest resistance level at 495-500 points.
"Demand is rather weak as investors hold a cautious view. Many are watching the behaviour of other shareholders to make their moves," they wrote in a report.
On the Ha Noi Stock Exchange, the HNX-Index also rose 0.21 per cent to 61.62 points, but trading remained modest with 12.2 million shares, worth more than VND111.2 billion ($5.3 million), exchanged.
Property developer Sacomreal (SCR) led the northern market's trades with 1.2 million shares traded at VND6,600.
vietnamnews
