Rising CPI forces shares down
Rising CPI forces shares down
Yesterday's share trading on both Vietnamese bourses continued to be hit by news of the nation's consumer price index (CPI), which in October rose 0.49 per cent from the previous month.
Bao Viet Securities Co analyst Tran Hai Yen predicted food, including restaurant services, would continue to play the biggest role in inflation until year-end.
The most notable point in yesterday's session was profit-taking in low, market-price shares that had significantly increased, such as PetroVietnam Transportation (PVT) and construction firms Licogi 16 (LCG) and Tan Tao (ITA), Yen said.
On the HCM City Stock Exchange, the VN-Index closed nearly 0.6 per cent lower to reach 501.17 points.
Trading value still stayed high at VND1.3 trillion (US$61.3 million), rising 5 per cent over Wednesday's session, on a total volume of 86.4 million shares.
Almost all blue chips tracked by the VN30 declined. Only Vietinbank (CTG) added 0.6 per cent, Pha Lai Thermal power (PPC) edged up 0.5 per cent and Vinamilk (VNM) added 0.7 per cent.
Meanwhile, two stocks, Becamex Infrastructure Development (IJC) and PetroVietnam Transportation (PVT), reached floor prices.
The VN30 fell 0.6 per cent to 562.02 points.
Despite yesterday's slumps, Yen said an uptrend had formed during Wednesday's session, and the VN-Index could reach the next target of 518-520 points.
On the Ha Noi Stock Exchange, the HNX-Index also shed 0.4 per cent to reach 61.89 points. Nearly 41.2 million shares worth more than VND350.8 billion ($16.5 million) changed hands.
The HNX30, composed of the northern bourse's 30 largest shares in terms of capitalisation and liquidity, lost the most – 1.26 per cent – to hit 114.88 points.
Foreign investors continued to be net buyers yesterday, picking a combined net value of VND57.2 billion ($2.6 million).
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