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Mining stocks keep tumbling

Phuong Thao
Tuesday,  Jun 13,2017,23:39 (GMT+7)
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Mining stocks keep tumbling

Phuong Thao

HCMC – The mining sector continued encountering strong selling pressure in the afternoon phase on June 12, pushing many stocks down to the floor prices.

Speculative cash flow had driven up mining stocks within around two weeks before profit takers took the upper hand in last two sessions of last week. Many stocks in the sector managed to rise in the morning on June 12 but succumbed to high selling in the afternoon.

AMD and TNT plunged to the floor prices early on before KSA, KSH and LCM followed suit. KSB, BMC and NNC also declined while only DHM and LBM closed with mild rises.

KSA was the volume leader in the sector with 4.7 million shares exchanged, followed by AMD with 4.15 million shares.

However, the VN-Index still advanced 1.37 points, or 0.18%, at 751.09, with ROS alone adding over 0.17% to the increase. The stock closed the day at the upper limit of VND112,700 per share on volume of over one million shares.

MVIS Vietnam under the exchange traded fund (ETF) VanEck Vectors Vietnam last Friday announced it would add shares of ROS into the basket of its V.N.M ETF with a weight of 6.5%, making it the fourth largest share of the fund’s portfolio. The fund will spend about US$19.2 million to buy 4.14 million ROS shares in the coming time.

After nine months of listing, ROS has been added in the portfolios of the two foreign largest ETFs focusing on Vietnamese shares, namely FTSE Vietnam ETF and V.N.M ETF, according to the Vietnam News Agency.

Other key stocks like VIC, SAB, GAS, PLX and BID also lifted the main index up by 0.52%. The trading volume on the HCMC market rose around 10% versus last Friday at 184.3 million shares while the value was almost unchanged at VND3.7 trillion.

FLC was the most actively traded stock with 12.7 million shares changing hands, jumping 4% to VND7,300 per share. BHS ranked second with 10.8 million shares and the stock also gained 1.7% to VND26,650 a share.

Meanwhile, the Hanoi market lost ground as pillar stocks ACB, SHB, CEO and VGC declined, with the HNX-Index dipping 0.53 point, or 0.54%, at 96.83. There were 55.8 million shares worth VND576 billion changing hands, including 2.1 million shares worth VND12.6 billion traded via put-through.

ACB closed down 0.76% at VND26,000 per share on volume of 2.7 million shares. SHB again took the lead for liquidity with 10.8 million shares but it dropped 1.39% to VND7,100 per share.

KLF started the day at the upper limit but it latter pared some gains, closing with a 3.8% rise at VND2,700 per share on volume of 6.1 million shares.

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