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Declining blue chips torpedo gains
Continued mixed trading kept the VN-Index largely unchanged yesterday, ending Thursday’s session up just 0.21 per cent at 527 points.
Blue chips FPT, PetroVietnam Finance (PVF) and Refrigeration Electrical Engineering Corp (REE) all closed unchanged and let the market to marginal overall gains despite advancers outnumbering decliners by 98 to 38.
Volume declined 8 per cent from Wednesday to 47.7 million shares, worth a combined VND1.9 trillion (US$106.7 million). Sacombank (STB) led the market with 3.6 million shares traded, or 7 per cent of the total volume.
On the Ha Noi Stock Exchange yesterday, the HNX-Index closed off just 0.16 per cent to 164.13 points, on a poor performance by major stocks including Bao Viet Securities (BVS), Petroleum Technical Services Corp (PVS) and PetroVietnam Insurance (PVI). The value of the day’s trades reached VND940.4 billion ($52.8 million) on a volume of 27.3 million shares, while Asia Commercial Bank (ACB) regained its position as the most active share with 2.6 million changing hands, followed closely by Vinaconex Group (VCG) with 2.5 million.
Viet Nam International Securities Co analysts said that investor interest yesterday returned to small shares in such areas as construction materials, marine transport, energy and minerals, and education, after concentrating on major stocks during the previous two sessions.
The brokerage’s general director, Pham Linh, predicted that upward moves would be the prevailing trend in September although the market was likely to see some short downward adjustments as a result of short-term investments.
"The market has shown quite stable growth over the past few weeks with waves of growth seen in both penny stocks and blue chips," Linh said.
Economic growth, inflation, business performance and Government monetary policies would be major factors affecting market development in the coming months, he said.
In HCM City yesterday, foreign investors finished the day as net buyers of VND19 billion ($1.1 million) worth of shares. In Ha Noi, they picked up a net of VND5 billion ($281,000).
The market was hardly seeing net sales by foreign investors on days of overall market gains anymore, in constrast to the pattern in May and early June, Linh said.
"The shift shows the high expectations [of foreign investors] for market growth over the next few months," he said. "Positive changes in the US and some other global economies have significantly affected indirect investment flows into the domestic bourse over the past few weeks, but capital flows from both home and abroad were now strongly concentrated on the market."
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