07/09/2014 10:18 GMT+7 Email Print Like 0

Blue chips drag down VN-Index

Hanoi, September 6 (VNA) – Slumping blue chips dragged down the benchmark VN-Index on the Hochiminh Stock Exchange on September 5, even though gainers doubled losers.

The VN-Index lost 1.57 points or 0.25 percent to close the session at 638.65 points, while the VN30, which tracks the 30 shares with the highest market value and liquidity, went down 0.14 percent to end at 677.62 points.

PV Gas (GAS), the biggest stock by market value, dropped 1.6 percent to finish at 123,000 VND (5.83 USD).

Other large-cap shares also lost value. VinGroup (VIC) slid 3.5 percent to 55,500 VND (2.63 USD) a share as foreign investors unloaded over 4 million shares worth 229 billion VND (nearly 11 million USD). Eximbank (EIB), Masan Group (MSN) and Hoang Anh Gia Lai Co (HAG) also fell from 0.8 to 1.6 percent.

However, many investors continued to pour money into the market, keeping liquidity high amid trades of 162 million shares worth nearly 3.1 trillion VND (147 million USD).

Hot stocks like FLC Group (FLC) attracted the most investment. Leading in volume with 13.7 million shares traded, FLC closed flat at 13,000 VND per share.

Most stock analysts said a correction was unavoidable after the long rally but saw the market rebounding in the next sessions as realty, securities, oil and gas stocks continued to draw investors.

In contrast, the HNX-Index on the Hanoi Stock Exchange climbed 1.19 percent to close at 88.54 points thanks to rebounds of blue chips like Vinaconex (VCG), Sacomreal (SCR), Kim Long Securities Co (KLS) and PetroVietnam Construction Corp (PVX).

PVX was also the most active code on the northern bourse with nearly 12 million shares changing hands. Their price soared over 7 percent to end at 6,100 VND a share.

The market condition was positive with 133 codes rising, 85 declining and 139 closing unchanged. However, liquidity declined slightly as both market volume and value fell 10 percent from September 4, totaling 76 million shares worth 944 billion VND (44.7 million USD).

Foreign investors concluded as net sellers on the two markets, offloading shares worth a combined 177 billion VND (8.4 million USD).
VNA/VNP