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Market stays steady amid modest sales volume
The stock market held steady last week, with liquidity and trading revenue dropping just slightly.
Ha Noi Securities Company said early last week that the market was now at a level trend with both ups and downs to come, as no noticeable news about the general economic environment was expected over the next few weeks.
HCM City Stock Exchange’s VN-Index lost 2.81 points over the week, or 0.62 per cent, to close at 444.28.
Transactions were modest, averaging around 14 million shares traded per day, a 2.3 per cent fall from the previous week. Daily turnover averaged nearly VND492 billion (US$29.8 million).
Banking and finance shares generally lost value, including Sacombank (STB), Saigon Securities Inc (SSI) of the southern bourse and Asia Commercial Bank (ACB) and Bao Viet Securities (BVS) of the Ha Noi market.
Some major stocks including FPT, Hoa Phat Group (HPG) and Refrigeration Electrical Engineering Corp (REE) held steady.
Binh Dinh Minerals Joint Stock Company (BMC) dodged the trend, increasing for five consecutive days to close the week at VND102,000 ($6.7). The stock has risen 100 per cent since the market started rebounding in mid-June.
FPT Securities analyst Nguyen Van Quy said the market was seeing a strong division of shares, and "a long-term investment strategy based on basic analysis of firm performances growing more popular as investors reorganise their portfolios following economic development".
Foreign investors were net buyers last week, grabbing 11.2 million shares and selling 9.3 million units. Their net purchase value reached around VND211.7 billion ($12.8 million).
At the Ha Noi Securities Trading Centre, the HASTC-Index ended at 135.32 after losing 5.13 points or 3.6 per cent over the week.
Around 7 million shares changed hands per day on the northern bourse, down 10 per cent from the previous week. Daily revenue reached about VND223.2 billion ($13.5 million), a fall of 14.6 per cent.
Pham Thanh Tung, director of investment consulting company Tri Viet, said that there had been a fair amount of good news fsor the market, like domestic exchange rates easing and banks making efforts to cut interest rates.
Director of the Ministry of Finance’s Price Management Department Nguyen Tien Thoa said last Thursday that the fall in world oil prices, which were hovering around a three-month low of $120, was a good sign for the economy. "We are closely following the development to take suitable measures."
Investors were expecting an adjustment of domestic petrol prices, which were hiked by 30 per cent last month, to boost the stock market.
The State Bank of Viet Nam last Thursday authorised commercial joint stock banks to buy back shares. Experts said that if banks were able to buy back shares when necessary, it would help stabilise the banking area in particular and the stock market in general.
Meanwhile, gold prices continued to fall last week following its slump on the global market.
SaiGon Jewellery Company’s (SJC) gold price last Friday closed at around VND1.770 million ($107.27) per tael, down VND94,000 per tael week-on-week.
Gold closed at VND1.776 million ($107.64) per tael at Bao Tin Minh Chau Company, a fall of VND92,000.
VNS
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