Strong foreign buys rescue VN-Index from fall

Tuesday, Sep 10, 2019 07:18

Shares of the budget airline Vietjet (VJC) topped foreign buys with a net value of VND356.4 billion on Monday. — Photo

Strong buys by foreign investors helped rescue the VN-Index from a fall on Monday when the index was traded below the reference threshold for most of the trading time.

Ending the session, the VN-Index closed unchanged at 974.12 points on the Ho Chi Minh Stock Exchange. The southern market lost 1 per cent last week.

A total of 155.3 million shares worth VND5.46 trillion (US$234.3 million) were traded on the bourse.

The market breadth was negative with 196 shares declining, 111 rising and 61 closing flat.

Large caps dragged the market down, with half of the top 30 shares by market value and liquidity falling and only nine advanced.

Tough buys by foreign traders cushioned the market with their net buy value in HCM City’s market reaching VND361 billion ($15.5 million) out of total VND363 billion value, up 18.6 per cent over Friday’s number.

They were net sellers for a fourth session on the Ha Noi Stock Exchange for a value of VND8.8 billion but net buyers on the Unlisted Public Company Market for nearly VND11 billion.

Shares of the budget airline Vietjet (VJC) topped their buys with net value of VND356.4 billion, far exceeding the Vietnam Electrical Equipment Corp (GEX) with value of just VND16 billion.

VJC was also the biggest gainer among the VN30, rising 1.84 per cent to VND132,800 ($5.70) per share.

On the other end of spectrum, shares of industrial zone developers slumped, of which Vietnam Rubber Industrial Zone and Urban Development (VRG), Sonadezi Long Thanh (SZL) and Industrial Urban Development JSC No 2 (D2D) plunged by 7 per cent, the daily maximum loss on the Ho Chi Minh Stock Exchange.

Other firms such as Sonadezi Chau Duc (SZC), Sonadezi Corp (SNZ) and Nam Tan Uyen Co (NTC) decreased between 5-6 per cent each.

On the Ha Noi Stock Exchange, the HNX-Index inched down 0.06 per cent to 100.85 points with 23.6 million shares worth VND443.7 billion exchanged.

According to Bao Viet Securities Co (BVSC), the market may move sideways with alternative ups and downs with a wide divergence among stock groups.

“Investors remain cautious and await the market’s reaction to upcoming events, including the review session of exchange-traded funds (ETFs), Fed meeting and the results of FTSE classification review,” said Tran Xuan Bach, BVSC’s stock analyst. — VNS

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