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Saturday,  Aug 19,2017,18:15 (GMT+7)

VN30 stocks dampen market recovery

Phuong Thao
Thursday,  Jul 20,2017,23:48 (GMT+7)
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VN30 stocks dampen market recovery

Phuong Thao

HCMC – The local stock market recovered on July 19 after a three-day pullback but stocks in the VN30 basket weighed on the uptrend.

Having moved sideways in the morning, the VN-Index rose to near 775 points in the afternoon as large caps VNM, GAS, SAB and PLX jumped on strong demand. However, the market suddenly lost steam as VN30 stocks encountered high selling pressure.

Up to 18 stocks in the VN30 basket lost ground while 10 stocks increased and two others closed unchanged, sending the VN30 Index down 0.48% at 737.77. CII, a HCMC-based infrastructure investment firm, plunged to the floor price at VND34,800 per share on matching volume of nearly 4.6 million shares though it reported better-than-expected business results in the first six months of 2017.

Other stocks in the basket such as insurance firm BVH, construction enterprise CTD, technology giant FPT and two steelmakers HSG and HPG fell by between 0.8% and 1.9%. Among bank stocks, BID and CTG increased while VCB, STB and MBB declined and EIB plunged to the floor price at VND11,200 a share.

On the other hand, large caps such as dairy firm VNM, beverage company SAB and national gas group GAS rose sharply, lifting the main index up 0.5% at 771.3 with turnover sliding mildly to nearly VND4.4 trillion.

Speculative stocks still attracted cash flow. FLC, a property enterprise, climbed 5.9% to VND7,700 a share and led the market for liquidity with over 30.9 million shares exchanged.

FIT also shot up to the ceiling price as it fulfilled 98% of this year’s after-tax profit goal in the first half before sliding. The diversified financial stock closed the day with a 4.6% rise and matching volume of 8.15 million shares.

Notably, property firm HAR, agricultural chemical producer HAI and securities firm AGR again went up to the ceiling prices. HHS and NVT, two petty stocks in the realty and construction sector, still managed nice gains though they failed to close at the upper limit.

The HNX-Index gained 0.21% at 98.81 with turnover shrinking to over VND560 billion. The northern index fell through the strong supporting level at 99 points as pillar stocks such as lender ACB, plastic firm NTP and petroleum technical services group PVS closed at the reference prices.

Tiny stocks on the Hanoi market advanced nicely. KLF, a trading and food services company, shot up to the ceiling price at VND3,300 a share and took the lead for liquidity with over 15.7 million shares traded.

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