VN shares decrease despite PMI reaching 4-month high
VN shares decrease despite PMI reaching 4-month high
Shares tumbled on both national stock exchanges during yesterday's session while HSBC Vietnam announced the country's Purchasing Managers' Index (PMI) in August rallied to its highest level in four months.
On the HCM City Stock Exchange, the VN-Index pared earlier gains to lose 0.11 per cent, reaching 472.17 points.
Trading was sluggish, fetching only 86.7 per cent of last Friday's figure at VND640.9 billion (US$30.2 million) and 29.2 million shares.
The VN30, tracking the 30 largest stocks, slid more than 0.6 per cent to 527.92 points.
Only three of the top 30 shares advanced, including PetroVietnam Low Pressure Gas Distribution (PGD) up 0.7 per cent, Vinamilk (VNM) up 2.3 per cent and Vinh Son-Song Hinh Hydro-power Co (VSH) up 1.5 per cent.
Meanwhile, Vietcombank (VCB) and PetroVietnam General Services (PET) each dropped 4 per cent, and food processor Bourbon Tay Ninh (SBT) fell 1.6 per cent.
Although last month's PMI reached 49.4 points, still under the average level, it improved nearly 2 per cent compared with July.
Several companies reporting losses dipped the market yesterday.
Firms Saigon Telecommunications and Technologies (SGT), Bac Viet Steel (BVG), Song Ba (SBA), Construction And Materials Trading Co (CNT) and property developer Tan Tao (ITA) reported losses or significantly declining profits after audit.
On the Ha Noi Stock Exchange, the HNX-Index finished the session at 60.65 points, 0.9 per cent lower than last Friday's close.
The value of trades plunged over 40 per cent to just VND81.98 billion ($3.8 million) as 11.5 million shares changed hands.
The HNX30, representing the northern bourse's top 30 shares, also retreated 1.3 per cent to 110.89 points.
Foreign investors were net sellers in HCM City yesterday by a margin of VND29.13 billion ($1.3 million) while they concluded as net buyers in Ha Noi by a meagre value of VND330.34 million ($15,500).
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