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Gas shares boost City market
Shares managed to rebound in HCM City yesterday but slid further in Ha Noi.
The VN-Index on the HCM City Stock Exchange put on more than 1 per cent to reach 497.50 points.
The value of trades increased 12 per cent compared to Thursday's level, hitting VND907.2 billion (US$42.7 million) on a volume of 59.7 million shares.
The VN30, composed of the exchange's 30 leading shares in terms of capitalisation and liquidity, edged up 0.45 per cent to reach 552.07 points.
The blue chips were mixed, with 16 codes rising, eight others declining and the remaining stocks closing the session unchanged.
Although PetroVietnam Gas Corp (GAS) is not included in the VN30 stocks, it was one of the stocks giving a major boost to the HCM City market, rising 4.6 per cent to VND68,500 ($3.2) and seeing over 2.3 million shares changing hands. The corporation plans to add another VND1.9 trillion ($89.6 million) to pay dividends this year. The total payment will be VND3.79 trillion ($178.7 million), and the dividends are expected to be paid at a 10 per cent rate.
Despite yesterday's increase, ACB Securities Co analyst Vu Dinh Khoi predicted the VN-Index would soon tumble to its previous support level of 485 points.
He suggested it was a buy opportunity for investors. "However, if the market gets worse and the index exceeds that level, investors should sell shares to cut loss."
On the Ha Noi Stock Exchange, the HNX-Index extended losses by retreating 0.11 per cent to 60.94 points.
With about 24.5 million shares transacted, trading value totalled VND200.3 billion ($9.4 million), falling 27 per cent.
The HNX30, tracking the northern bourse's largest stocks, also lost 0.24 per cent, finishing at 113.25 points.
Foreign investors concluded the day as net buyers on both bourses, picking a combined net value of VND48.16 billion ($2.2 million).
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