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VN-Index off slightly on heavy trading
The VN-Index closed off 0.55 per cent yesterday to 525.95, as profit-taking continued to keep a lid on gains on the HCM City Stock Exchange.
Advances by blue chips Pha Lai Thermal Power (PPC) and PetroVietnam Drilling and Well Services (PVD) were unable to prop up the Index as many other leading shares lost value by the end of the day, including FPT, Bao Viet Holdings (BVH) and Hoang Anh Gia Lai Group (HAG).
Trading remained brisk, with volume reaching 52.3 million shares on a turnover of VND2.4 trillion (US$134.8 million). Sacombank (STB) remained the most active share on the southern exchange, with 4.7 million traded, representing 9 per cent of total trading volume.
On the Ha Noi Stock Exchange yesterday, the HNX-Index closed up 0.46 per cent to 164.39 points, on a volume of 28.7 million shares, worth a combined VND982.6 billion ($55.2 million).
Kim Long Securities (KLS) led the northern bourse with 2.5 million shares changing hands, followed closely by Vinashin Petroleum Investment and Transport (VSP) with 2.3 million.
"A highlight of the market in August is that money flows are circulating within the market among groups of shares, one after another," said Viet Capital Securities Co director Hoang Thi Hoa.
"This shows that the market has considerably stabilised and is still attracting money from investors. Most investors are confident in market rally prospects in the medium term, and they are willing to buy and hold shares although the market is likely to experience some shake-ups in the short term," she said.
She affirmed that both supply and demand were now healthy, shown in recent significant trading values, and there was a low possibility that the market would adjust deeply downwards.
In HCM City yesterday, foreign investors continued as net buyers of 244,900 shares, with a net value of VND19.8 billion ($1.1 million) and an overall volume of 5.4 million shares. But in Ha Noi, foreign investors finished the day as net sellers of 414,600 shares, worth a total of VND7.8 billion ($438,200), on an overall volume of 1.1 million shares.
"Since June 24, foreign investors have mainly been net buyers," said Hoa. "Maybe, from an outside position, they realise opportunities in emerging markets in which a recovery is expected to happen much sooner and more strongly than in developed markets."
A Viet Capital Securities Co report said some shares could generate returns of 20-25 per cent between now and the end of the year, with inflation and FDI disbursement figures signalling better economic conditions.
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