Masan shares prop up markets
Masan shares prop up markets
Shares rose slightly on the HCM Stock Exchange yesterday, propped up by some individual stocks, while the red overwhelmed the market as investors increased selling on fears of a downturn.
The VN-Index, the measure of 310 stocks, inched up 0.3 per cent to close at 662.3 points. It was up 1 per cent for the week.
The market breadth was negative as the losing shares outnumbered the gaining ones by 125 to 97. Nearly half of the 30 biggest stocks by market capitalisation lost value.
Rises of some individual blue chips rescued the market, including private equity firm Masan Group (MSN), PV Gas (GAS) and dairy producer Vinamilk (VNM).
Shares of Masan Group continued to jump 6.3 per cent yesterday. The shares climbed 6.7 per cent on the last settlement.
Masan on Thursday announced it registered to buy back 20 million shares of the company and increased forecast for its 2016 profits by 25 per cent to VND2.4 trillion (US$108 million), up 60 per cent year-on-year.
According to some analysts, Masan is one of the large-cap stocks which have not rallied recently while other blue chips underwent strong gains. Therefore, the rise of its shares are unlikely to have significant impact on the market trend when profit taking pressure is rising.
The VN-Index gained a cumulative 5.6 per cent in the last two weeks.
Besides Masan, the biggest listed stock, Vinamilk increased 0.9 per cent. The shares have gained 3.9 per cent in the last three days.
Oil and gas stocks also rallied yesterday, particularly PV Gas, the largest listed oil company, added over 4 per cent.
Following positive developments of global oil prices in the half-month, local retail petrol prices yesterday afternoon increased by nearly VND1,000 per litre. Prices of RON 92 and E5 bio-fuel rose to VND15,374 and VND15,225 per litre, respectively.
"Money inflows are still focussing on some individual stocks which have positive information. The market is still exposed to downward risks," analysts at Sai Gon-Ha Noi Securities Co wrote in a report.
On the smaller exchange in Ha Noi, the HNX-Index was down 0.7 per cent to end at 83.1.
Liquidity decreased with a total of 147 million shares worth VNĐ3.3 trillion in the two markets, down 13.5 per cent in volume and 4.6 per cent in value compared with Thursday's levels.
Foreign investors continued to unload local shares. They sold shares worth a net value of over VND281 billion on the two national exchanges. They were responsible for a total net sell value of VNĐ1.2 trillion for the week.
