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Busy buyers fail to buoy markets
Shares closed slightly lower on the two national stock exchanges yesterday, despite strong buys from both local and foreign investors.
On the HCM City Stock Exchange, the benchmark VN-Index was down 0.13 per cent to close yesterday's session at 498.84 points, while the VN30 - tracking the top 30 shares by market capitalisation and liquidity - decreased 0.26 per cent to 553.57 points.
Yesterday was the last day for two exchange-traded funds (ETF), Market Vector Vietnam and FTSE Vietnam UCITS, to conclude their portfolio structuring. Their new portfolios will start operation on Monday.
Twenty shares saw trades of over 1 million shares including Tan Tao Investment Industry Corp (ITA), Hoang Anh Gia Lai Group (HAG), Pha Lai Thermal Power (PPC), Ocean Group (OGC), PetroVietnam Finance (PVF), Sacombank (STB) and Hoa Phat Group (HPG).
With nearly 10.4 million shares changing hands, ITA became the most active code on the bourse but the shares slumped 2.63 per cent to settle at VND7,400 each.
Both market volume and value doubled over the previous session, totalling over 94 million shares worth VND1.66 trillion (US$79 million).
The foreign sector increased sales yesterday, unloading shares worth VND363 billion ($17.3 million) on the HCM City market. Over the past eight sessions, foreign investors have been responsible for a combined net sell of over VND1.16 trillion ($55.4 million) worth of shares on the exchange. Their continuous net selling negatively affected the market, pulling the VN-Index down from 527 points to below 500 points.
On the Ha Noi Stock exchange, strong buys by foreign investors failed to lift the HNX-Index, which gave up 0.42 per cent to close at 64.26 points.
Overseas investors finished as net buyers on the northern bourse for the sixth consecutive day, with a net buy of VND193.2 billion ($9.2 million) worth of shares.
Total trading value was up 60 per cent over Thursday to nearly VND465 billion ($22.1 million) on a volume of 50.6 million shares.
PetroVietnam Construction Co (PVX) claimed the position of the most active code on the northern bourse with over 11 million shares exchanged at VND5,500 a share, down 1.8 per cent from a day earlier.
According to stock analysts, the market will be less volatile next week with ETFs due to finish their portfolio restructuring.
Short-term market risk and increasing money flows in attempts to buy cheap shares were expected to support the market in the coming time, said Phan Dung Khanh, head of the analysis department at Maybank Kim Eng Securities Co.
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