Stocks mixed, market quiet pre-NYE
Stocks mixed, market quiet pre-NYE
Shares were mixed on the two local exchanges yesterday while investor confidence remained low ahead of the year-end holiday.
The benchmark VN Index on the HCM Stock Exchange was down 0.3 per cent to close at 662.45 points.
Large-cap stocks continued to pull the market down with 14 of the 30 largest companies by capitalisation suffering losses.
Those decliners included dairy producer Vinamilk (VNM), PetroVietnam Gas Corp (GAS), property and retail corporation Vingroup (VIC) and Vietinbank (CTG).
VNM fell 1.2 per cent, GAS dropped 1.5 per cent, VIC inched down 0.2 per cent and CTG edged down 0.3 per cent.
Nearly 115 million shares were traded yesterday, worth VND2.88 trillion (US$128.3 million), up 1.8 per cent in volume and 24.8 per cent in value compared to last week’s daily average numbers.
Such an improvement was attributed to the increase of put-through trading orders. More than 47.6 million shares were exchanged via this method, worth VND1.48 trillion.
Foreign investors recorded a net sell value of VND320 billion, putting more pressure on local stocks and domestic investors’ sentiment.
On the opposite side, steelmakers became attractive to investors on expectations for tightened policies on imported steel products in order to protect the local industry.
That information boosted demand for steel companies’ shares yesterday, including Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Viet Nam-Germany Steel Pipe JSC (VGS).
Those stocks advanced 2 per cent, 1 per cent and 3.7 per cent, respectively.
Unlike the southern market, the HNX Index on the Ha Noi Stock Exchange rose 0.2 per cent to end at 79.25 points, ending a two-day loss of 1.5 per cent.
The northern market index was lifted by Asia Commercial Bank (ACB), VNDirect Securities Corp (VND) and Viet Nam Construction and Import-Export JSC (VCG).
ACB rose 2.9 per cent, VND moved up 0.8 per cent and VCG increased by 0.7 per cent.
More than 30.7 million shares were exchanged on the northern bourse, worth VND321 billion.
“The stock market will likely be quiet this week as investors may stand by until the New Year begins,” Bao Viet Securities Corp (BVSC) said in a note.
“Supporting information may appear after the New Year holiday when new macroeconomic targets are announced and listed companies begin to report their earnings.”
