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Shares drop on sluggish trades
The VN-Index on the southern bourse fell on sluggish trading yesterday, following a technical rebound on Tuesday.
The VN-Index lost 2.91 points, or 0.49 per cent, to end at 589.33 points, as the benchmark index fluctuated with narrow amplitudes during the session, with a modest capital inflow as buyers displayed a cautious psychology.
More than 81 million shares changed hands, valued at VND1.68 trillion (US$79.2 million), slightly above the previous trading.
On the southern bourse, 85 codes advanced, while 109 posted losses and 83 others tread water.
Tracking the performance of the exchange's largest stocks by capitalisation and liquidity, the VN30-Index ended 0.71 per cent lower, at 629.07 points, with decliners overwhelming advancers by 18-7.
Also, the loss of large-cap stocks late yesterday afternoon widened the VN-Index drop.
Those included market pillars such as Masan Group (MSN), which slid 2.82 per cent to VND88,500 ($4.17), along with Bao Viet Holdings (BVH), Vinamilk (VNM), Da Nang Rubber Corporation (DRC) and Kinh Do Corporation (KDC).
Meanwhile, FLC Group (FLC) finished up 3.1 per cent at VND12,900 ($0.6) per share, with a significant 24 million shares changing hands – topping the bourse by trading volume – on positive second quarter earnings with the expected release for sale of FLC Garden City and FLC Complex 36 Pham Hung at the end of this year.
FLC was followed by Sacom Investment and Development Corporation (SAM) by trading volume, with 5.1 millions shares traded, 1.29 million of which were purchased by foreign investors. The stock ended up 6 per cent to VND10,600 ($0.5) per share.
The arrest of three officials, who held top management positions at Viet Nam Construction Bank, lowered stock values in the banking sector yesterday.
Excluding BIDV (BID) and Sai Gon-Ha Noi Bank (SHB), other banking stocks closed down, including Eximbank (EIB), Military Bank (MBB), Vietcombank (VCB), Sacombank (STB) and Vietinbank (CTG).
Both the HNX-Index and the HNXFF-Index, composed of stocks with minimum free float rates of 5 per cent, ended flat at, respectively, 78.28 points and 78.07 points on a low-pace trading.
The HNX30-Index added 0.04 points, or 0.03 per cent, to finish at 155.61 points.
The trading volume and value were modest at 26.5 million shares and VND322.1 billion ($15.2 million).
According to Viet Nam Investment Securities, the market showed little reaction to the information that Moody's upgraded Viet Nam's credit rating, reflected through more than 500 codes ending unchanged together, with hundreds seeing no transactions yesterday.
The company said investors should lower holdings of stocks in their portfolios until market opportunities become more transparent.
A losing trading session was expected today, as Viet Nam Investment Securities said that the VN-Index would drop to 585 points before beginning a challenging August.
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