Shares recover on new cash flows

Saturday, Mar 04, 2017 10:16

Shares rebounded on Friday on the two exchanges after declining for three days, with new cash flows flooding the market. – VNA/VNS Photo

Shares rebounded yesterday on the two exchanges after declining for three days, with new cash flows flooding the market.

The benchmark VN-Index on the HCM Stock Exchange recouped 0.72 per cent to close at 712.62 points, narrowing its weekly loss to just 0.3 per cent.

On the Ha Noi Stock Exchange, the HNX-Index inched up 0.1 per cent to end at 86.65 points. The northern market index gained marginally compared to last week’s close.

Large-cap stocks were boosted by new investments as 18 of the top 30 largest shares by market value and liquidity on the main bourse in HCM City advanced.

“Money is flowing into blue chips on the HCM Stock Exchange after their prices dropped to attractive levels following several declining sessions,” analysts at BIDV Securities Co wrote in a market report and noted most of these companies have sound financial indicators.

Banks and insurers were among the biggest gainers.

Sacombank (STB) hit the one-day maximum rise of 7 per cent. Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Asia Commercial Bank (ACB) increased between 1.3 per cent and 2.2 per cent.

Bao Viet Holdings (BVI), PVI Holdings (PVI), Vietnam National Reinsurance (VNR), Petrolimex Insurance (PGI) and BIDV Insurance (BIC) leapt between 1 per cent and 4.6 per cent each.

Property and construction stocks were still among the most heavily-traded stocks but they saw mixed performances.

FLC Group (FLC) and Tan Tao Investment Industry (ITA), Hoang Quan Consulting-Trading-Service Real Estate (HQC) and Soc Son Development Investment (DPS), the five most active stocks on the two exchanges, slumped.

Others such as VinGroup (VIC), Kinh Bac City Development (KBC), FLC Faros Construction (ROS), Hoa Binh Construction & Real Estate (HBC) and Dat Xanh Real Estate Service & Construction (DXG) rose on positive outlook.

ROS, HBC and DXG are forecast to be included in the FTSE Vietnam EFT basket in the upcoming portfolio restructuring.

Liquidity remained high with 220.5 million shares worth over VND3.7 trillion (US$162.3 million) being traded in the two markets.

Foreign investors concluded yesterday’s trade as net buyers on HCM City’s exchanges for a net value of VND153 billion, up 23 per cent over the previous session. Their buys focused on budget airline Vietjet with a net buy value of more than VND141 billion.

Vietjet’s share price hit the ceiling price of 7 per cent for four days in a row, touching VND132,100 a share. Its price has climbed nearly 47 per cent since its debut on Tuesday.

Foreign investors were also net buyers in the Ha Noi’s market but the value was modest at just VND8.3 billion. – VNS


Comments (0)