Blue chips help lift HCM City market

[xiuchic]

Shares on the HCM City Stock Exchange reversed earlier losses to close in green this morning. The VN-Index ended flat, edging up to 394.20 points.

The VN30, tracking the performance of the exchange's 30 leading shares, added 0.22 per cent to 462.30 points.

The rally of the index was thanks to the rise of 13 blue chips, of which property developer Tan Tao (ITA) hit its ceiling price and Eximbank (EIB) increased 2 per cent. Share volumes of ITA and EIB accounted for nearly half of the southern market. While investors traded more than 7 million shares of ITA, EIB saw 12.8 million shares traded through the negotiation method.

Meanwhile, declines of 10 other large-cap stocks prevented the VN30 from closing this morning's session higher.

The overall value of trades in HCM City totalled VND490.2 billion (US$23.3 million), advancing 18.8 per cent over yesterday morning. Trading volume reached 42 million shares.
On the Ha Noi Stock Exchange, the HNX-Index retreated 0.7 per cent, reaching 55.45 points. Trading value dropped 39.5 per cent compared to yesterday morning's level to just VND130.13 billion ($6.1 million) on a volume of 20.3 million shares.
The HNX30, representing the southern bourse's top shares, also lost 0.73 per cent to 104.32 points.

Trading will resume at 1pm.

[xiuchic]

Shares lost morning gains late in yesterday's session on the HCM City Stock Exchange, largely dragged down by declining blue chips. The VN-Index closed off by 0.42 per cent to conclude the day at 392.54 points.

The value of trades improved slightly over the previous day's session, totalling VND646.2 billion (US$30.8 million) on a volume of 55.4 million shares.
Half of the 30 leading shares on the exchange fell while only six advanced, and the VN30 Index declined by 0.24 per cent to 460.18 points.
Tan Tao Investment Corp (ITA) led the market with a record volume of 10.6 million shares, lifting its volume this week to 24 million shares. ITA closed yesterday's session at its ceiling price of VND4,600 a share.
Eximbank (EIB) was the second most-active share with two million changing hands, while seeing other 12.8 million EIB shares were traded through negotiation. The shares climbed 2 per cent to close the day at VND15,100 per share.

On the Ha Noi Stock Exchange, the HNX-Index also retreated 0.72 per cent, concluding the session at 55.44 points. The value of trades nearly halved to just VND186.6 billion ($6.1 million) on a volume of 29.4 million shares.

Two firms under the umbrella of PetroVietnam saw trades in excess of 3 million shares. Petroleum Real Estate (PVL) and PetroVietnam Construction (PVX) were the most-active shares on the northern bourse. However, while PVL closed at its ceiling price of VND3,100, PVX sank by 2.13 per cent to VND4,600.

According to Viet Nam Investment Securities Co analysts, the market is approaching its resistance levels on both exchanges and this has made investors more prudent.
"This also delivers [investors] an opportunity to buy in," they wrote in a research note. "A few declining sessions are necessary to make a sustainable rally."

Stocks with solid earnings would likely be favoured by investors, they said.
Foreign investors were net sellers on both exchanges yesterday, unloading shares worth a combined net of VND3.3 billion ($157,000).