VN-Index up as divestment disappoints

Saturday, Dec 09, 2017 07:20

An investor passes electronic stock boards at Tan Viet Securities Inc. – VNS Photo Doan Tung

Shares bounced back slightly on Friday on the HCM Stock Exchange but slipped on the Ha Noi bourse, affected by the somber result of the State Capital Investment Corporation’s (SCIC) divestment from Vinaconex.

The VN-Index on the HCM Stock Exchange inched up 0.16 per cent to close Friday’s trade at 940.16 points after a 3.3-per-cent three-day loss.

Many large caps recovered yesterday and lifted the southern market index.

Overall, 15 of the top 30 largest shares by market value and liquidity advanced and 11 declined.

The biggest listed company Vinamilk (VNM) gained 1.13 per cent, settling at VND188,100 (US$8.25) per share, while the real estate giant VinGroup (VIC) and its retail arm Vincom Retail (VRE) increased 1.4 per cent and 2.2 per cent, respectively.

Other leaders also included Masan Group (MSN), up 4.2 per cent; Petrolimex (PLX), up 2.3 per cent; insurer Bao Viet Holdings (BVH) and budget airline Vietjet, up 1.8 per cent each.

Among the laggards were brewers Sabeco (SAB) and Habeco (BHN), Vietcombank (VCB), Vietinbank (CTG), FPT Corp (FPT) and steelmaker Hoa Phat Group (HPG).

On the Ha Noi Stock Exchange, the HNX-Index edged down 0.63 per cent to end at 113.81 points after a two-day rally.

The disappointing results of the capital divestiture of SCIC from the Viet Nam Construction and Import-Export Corp (VCG), better known as Vinaconex, hurt VCG stock as well as other stocks that are part of SCIC’s divestment plans, including Binh Minh Plastic (BMP) and Tien Phong Plastics, scheduled for divestment at the end of this year. Investors bought only 5.6 per cent of the VCG shares offered at Friday’s auction.

Vinaconex’s shares dropped by 10 per cent to VND24,800 per share. They had risen 40 per cent in the past month thanks to the SCIC’s divestment scheme.

Meanwhile, BMP and NTP fell 3.5 per cent and 4.5 per cent, respectively.

“VCG will probably encourage investors to be more rational when looking for opportunities in the State’s divestment shares in the coming time,” Vietnam Investment Securities Co wrote in a report yesterday. “Although the VN-Index recovered in the weekend session, we think the market will continue to see fluctuation and correction after the long rally, at least for the next week.”

According to analysts at BIDV Securities Company, one positive sign was that large caps had gradually bounced back and supported the market. With the upward momentum of the mid-cap and penny stocks, the medium-term prospect of the market is still positive. Investors may focus in some sensitive market sectors such as banking and real estate.

Liquidity remained modest compared to the previous sessions, with 245.6 million shares worth combined VND5.9 trillion ($259 million) being traded in the two markets. – VNS


Comments (0)