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Blue chips help City bounce back
Recovery of blue chips continued to buoy the HCM City Stock Exchange yesterday with the VN-Index up 0.59 per cent to close the session at 488.54 points.
The VN30, tracking the top 30 shares by market capitalisation and liquidity, rose 0.81 per cent to 541.78 points.
Heavyweight shares, including Dairy giant Vinamilk (VNM), PV Gas (GAS), Masan Group (MSN), Vietinbank (CTG), Vietcombank (VCB) and insurer Bao Viet Holdings (BVH), all closed higher.
VNM settled yesterday at VND142,000 (US$6.76) per share following the announcement on Monday that the company will pay a cash dividend of 20 per cent, worth VND1.6 trillion ($76.2 million).
Despite gains made at the top end of the market, overall trading remained sluggish with just 30.7 million shares, worth over VND670 billion ($31.9 million), traded by the end of the session.
Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) yesterday was again the most active stock with 1.3 million shares changing hands at VND5,500 each; down 1.8 per cent from Monday's close.
On the Ha Noi Stock Exchange, the HNX-Index also climbed 1.33 per cent to 61.59 points with advancers outnumbering decliners by 100-64. The remaining 222 codes closed flat.
The market value remained low on nearly VND92 billion ($4.4 million) with a total volume of just 10.4 million shares.
Newcomer FIT Investment Co (FIT) continued to be the most active on the northern bourse with 1.24 million shares exchanged at VND13,400 ($0.64) a share. Sai Gon-Ha Noi Bank closely followed with 1.15 million shares.
According to Nguyen Hai Yen, a stock analyst at Bao Viet Securities Co, liquidity tended to decline on the two markets despite falling prices for many stocks, which suggested low demand.
"Volatility of fuel prices, exchange rates and inflation raises investor concerns. With the return of inflation, the expectation of another cut in interest rates is unlikely, thus investors hold cautious outlook for securities investments," Yen wrote in a report.
Foreign investors ended yesterday as net buyers on both exchanges but picked up a modest net value of VND33 billion ($1.6 million).
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