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Recovery of blue chips buoys VN index
Shares continued to sway between gains and losses in the afternoon before closing slightly higher on both stock exchanges yesterday.
The benchmark VN-Index on the HCM City Stock Exchange closed up 0.07 per cent at 498.88 points, ending a six-day falling streak.
Market conditions were negative, with 101 codes falling, 95 rising and 112 closing flat. The trading volume also dropped by 30 per cent from a day earlier to nearly 55.8 million shares, worth VND1.08 trillion (US$51.4 million).
Recovery of some heavyweight shares such as dairy producer Vinamilk (VNM), insurer Bao Viet Holdings (BVH), Vietcombank (VCB) and Saigon Securities Inc (SSI) helped rescue the Index from another fall.
The VN30 tracking the top 30 shares on the bourse was also up 0.21 per cent to 552.87 points.
Only twelve codes had trades of over 1 million shares, of which property developer Tan Tao Investment Industry Corp (ITA) was again the most active with 4.18 million shares traded at an unchanged value of VND7,700 each.
On the Ha Noi Stock Exchange, the HNX-Index also increased 0.26 per cent to finish the session at 64.99 points despite opening low.
Speculative shares including PetroVietnam Construction (PVX), real estate FLC Group (FLC), Asia Commercial Bank (ACB), VNDirect Securities (KLS) posted gains from 0.6-9 per cent.
However, both market volume and value declined 20 per cent from the previous session to 42.6 million shares worth over VND349.3 billion ($16.6 million).
Sai Gon-Ha Noi Bank (SHB) continued to be the most active code here with 6.5 million shares exchanged at a price of VND7,000 a share.
Analysts forecast the market will be volatile during the next couple of days ahead of economic data to be released next week.
In addition, continuous net sells by foreign investors negatively affected domestic investor psychology while portfolio restructuring of exchange-traded funds (ETF) diffused investments.
Foreign investors increased their sells on both markets yesterday, unloading a combined net sell of VND150 billion ($7.1 million) worth of shares.
However, analysts suggest investors to hold on to their shares as prices have declined a lot after six consecutive falling sessions.
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