VN-Index rises despite sluggish trade

VN-Index rises despite sluggish trade

Phuong Thao

HCMC – The VN-Index soared to a nine-month high in the third straight session of gains on August 1 but turnover slumped because of investor caution.

The main index closed the day at 786.81, up 3.26 points, or 0.42%, against the session earlier, with large caps SAB, GAS and VCB adding nearly 3.5 points to the increase. However, trading volume and value on the HCMC market fell 22.7% and 17.5% to 206 million shares worth VND3.8 trillion.

SAB, Vietnam’s top brewer, closed at an intraday high of VND244,900 per share, up 3.4% versus Monday, after it had announced positive growth in the first half of 2017. Among oil and gas stocks, GAS climbed 2.6% at VND64,200 a share with volume of around 810,000 shares while PVD leapt to the upper limit with over eight million shares traded.

Speculative stocks continued leading the market in terms of liquidity but many firms came under strong selling pressure. HQC, a real estate company, was the most actively traded stock with over nine million shares changing hands but it ended down 1.6%.

HNG, which is active in the agriculture sector, hit the ceiling price as its profit jumped to over VND1 trillion in January-June. However, it then announced an additional huge loss in 2016, which may drag down its profit in the first half in 2017 to just around VND300 billion.

Investors were dampened by the news, with HNG managing a modest rise of 0.5% at the close. HAG, the parent company of HNG, also inched up 0.4% with volume of nearly 7.8 million shares.

Light bulb producer DQC kept plunging as the Party Central Committee’s Inspection Commission on Monday announced to discipline Ho Thi Kim Thoa, Deputy Minister of Industry and Trade, for irregularities in buying and transferring shares of the company while she was serving as chairwoman of the firm. The commission also proposed dismissing Thoa from all her positions.

Ending the session, DQC fell to near the floor price of VND40,600 a share with volume improving to 460,000 shares.

The HNX-Index added 0.14% at 101.33, extending its rising streak to the sixth straight session. Trading volume on the Hanoi market dipped slightly to 73.5 million shares while value was almost unchanged at nearly VND689 billion.

Among banking stocks, ACB rose 0.4% with matching volume of 1.57 million shares while SHB lost 1.2% at VND8,200 a share with turnover shrinking to 6.08 million shares. PXV, a construction firm, ranked second by liquidity with 6.03 million shares, followed by service firm KLF and petroleum technical service firm PVS with over 5.4 million shares.

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