Blue chips buoy VN-Index as Ha Noi sags

HA NOI — Shares on the HCM City Stock Exchange managed a second day of gains yesterday, while stocks in Ha Noi resumed their downward spiral.

In HCM City, the VN-Index rose by 0.48 per cent to end the session at 429.14 points. Market volume declined by 17 per cent from Thursday to just 32.8 million shares worth VND814.5 billion (US$42.2 million).

Losers outnumbered gainers by 111-92.

The market fell below 422 points in the first half session, negatively affected by Wall Street's overnight dip below the 10,000-level. However, increased buys in blue chips helped the Index regain some lost ground.

Among the 10 largest shares by capitalisation, only real estate developer Hoang Anh Gia Lai (HAG) and food giant Masan Group (MSN) posted losses, while insurer Bao Viet Holdings (BVH) rose to its ceiling price.

"This rebound is likely to prove unstable and only a short-term correction after several days of steep declines," said SME Securities Co analyst Nguyen Tien Dat.

He noted that sell orders increased as soon as the VN-Index reached 430, suggesting pressure to sell shares pledged as collateral with securities companies remained strong.

On the Ha Noi Stock Exchange, the HNX-Index lost about 1 per cent to close the week at 118.28 points. The value of trades totalled VND560.2 billion ($29 million), a decline of 18 per cent, on a volume of 26.2 million shares

Among the 10 leading shares, only Sai Gon-Quy Nhon Minerals (SQC) advanced while eight codes declined and PetroVietnam Insurance (PVI) remained unchanged.

PetroVietnam Construction (PVX) was again the most-active share nationwide with 3.4 million traded, but it closed down 1.9 per cent to VND20,300 ($1.05).

Foreign investors concluded yesterday as net buyers on the HCM City exchange, picking up 1 million shares worth VND31.5 billion ($1.6 million). They were still net sellers in Ha Noi, offloading 178,000 shares worth just VND6 billion ($311,000). — VNS