City shares slide as foreign funds sell

City shares slide as foreign funds sell

Shares continued to close ahead in Ha Noi yesterday, while declining in HCM City.

On the Ha Noi Stock Exchange, the HNX-Index reached 66.22 points, a 0.4 per cent increase over Thursday's session. The HNXFF-Index also rose 0.33 per cent to 66.34 points.

The HNX30, tracking the northern bourse's top 30 shares by capitalisation and liquidity, was up 0.36 per cent to 125.21 points.

Trading, however, decreased some 22 per cent to VND228.86 billion (US$10.8 million) and 26 million shares.

Meanwhile, foreign investors were net buyers in Ha Noi by a margin of VND11.6 billion ($547,160), while on the HCM City Stock Exchange, they ended the day as net sellers by over VND14.6 billion ($688,670).

Also, the benchmark VN-Index slid 0.17 per cent to 506.06 points. The total value of trades reached only 36 per cent of Thursday's figure, or VND882.47 billion ($41.6 million) on a volume of nearly 67.7 million shares.

Blue chips were mixed, with 11 stocks falling and the same number of shares adding value. The VN30, composed of these large-cap stocks, lost 0.16 per cent to 566.47 points.

Next week, FTSE Vietnam ETF and Market Vectors Vietnam ETF will offload shares to restructure their portfolios. Two blue chips, Vietcombank (VCB) and property titan Vingroup (VIC), are expected to be sold, therefore the market as a whole might be adversely affected.

Additionally, Market Vectors Vietnam ETF will have to offload some VND200 billion ($9.4 million) in shares to reduce their percentage of shares from 72.6 per cent to 70 per cent.

FPT Securities Company said short-term risks were not high, as the VN-Index managed to retain the 505 point level during yesterday's session.

With the information surrounding the exchange-traded funds' activities, the company predicted the stock market would move in a sideways direction. 

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