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VN-Index fails to rally on falling petrol
The lowered petroleum price had little obvious impact on the VN-Index yesterday, which closed up 0.03 per cent at 561.85.
The Ministry of Finance yesterday officially lowered the domestic petroleum price by VND1,000 per litre to VND17,000 - the second adjustment this month.
Of the listed shares and fund certificates on the HCM City Stock Exchange, about 29 codes declined, 7 remained unchanged, and 129 advanced.
Large sales at the beginning and the end of the session pulled down several blue chips like VNM, DPM or ITA.
"More than 10 advancing sessions are enough to make a significant profit for some blue chips. When there are large sales that is understandable," said Quang Tung, a broker for VNS Securities.
Tung said traders showed no reaction to the lowering of the petrol price because it was widely anticipated. He said the move would "support the market's development in the long term, with other good factors, to encourage investors with securities trading".
Stocks that gained the most included BMC of Binh Dinh Minerals, which rose 4.97 per cent to VND169,000 and STB of Sacombank, which gained 4.91 per cent to close at VND34,200.
STB of Sacombank saw over 7.56 million share change hands, while DPM of Phu My Fertilisers traded 2.11 million shares. HPG of Hoa Phat Group saw 2.09 million shares change hands.
Trading volume reached 28.85 million shares at its height.
Total turnover was worth VND1.21 trillion (US$73.58 million), the highest since the HCM City bourse's trading band was returned to 5 per cent.
"Supported by good news, the stock market is growing stably. Investors sold some shares to earn a profit, as well as to re-invest in securities," said Tung.
He added that the market would continue to fluctuate due to large investor sales, but that the downturn would be temporary. "And if the VN-Index falls, the fall will be slight," he said.
Foreign investors yesterday were active in securities trading. They bought more than two million shares and sold about 4 million. DPM and VSH of Vinh Son- Song Huynh Hydro Power were the favourite stocks with 631,400 DPM shares and 161,640 VSH shares changing hands.
The Ha Noi Securities Trading Centre's HASTC-Index yesterday added a further 2.92 per cent to close at 190.06. The session saw record high market revenue of VND1.20 trillion ($72.72 million) of 20.55 million shares.
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