PetroVietnam Construction weighs on Ha Noi bourse

Aug 8th at 13:32

08-08-2013 13:32:01+07:00

Trading increased over Tuesday's level to nearly VND179.2 billion (US$8.4 million) on the Ha Noi Stock Exchange yesterday on a volume of 21.15 million shares.

However, the HNX-Index slid 0.26 per cent to reach 62.17 points as losers overwhelmed gainers by 114-74.

The HNX30, composed of the northern bourse's 30 leading shares, also dropped 0.6 per cent to close the session at 115.17 points.

PetroVietnam Construction Co (PVX), which is tracked by the HNX30, made up a large proportion of the losses in Ha Noi market after shares fell to the floor price of just VND4,100.

The company reported a loss of VND374.7 billion ($17.6 million) in the second quarter, while it still made a slight profit of VND9 billion ($424,500) in the first quarter.

PVX has been declining for two months.

Shares rose in HCM City and the VN-Index hit 500.1 points, increasing 0.7 per cent over the previous session. The VN30, tracking the top 30 stocks by capitalisation and liquidity, also advanced at the same rate to 553.29 points.

Trading value on the HCM City Stock Exchange climbed 31 per cent to almost VND849 billion ($40 million) as around 40.4 million shares were traded.

"Investor psychology has improved as the VN-Index slightly exceeded its resistance level," said FPT Securities Co analysts in a note.

"However, it will have to test the 500-point level again during tomorrow's session to confirm the trend," they stated yesterday, predicting that the index could reach 505 points.

Overall, advancers outnumbered decliners two-fold. Blue chips performed well, with 18 out of the 30 largest shares adding value.

PetroVietnam General Services (PET) gained 3.3 per cent, followed by logistics company Gemadept (GMD) and steelmaker Hoa Sen Group (HSG), both rising 3.1 per cent.

Meanwhile, eight other codes retreated.

Foreign investors remained net sellers on both exchanges, unloading VND25 billion ($1.17 million).

vietnamnews