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HOSE stock rally triggers profit taking

Pham Vu
Saturday,  Sep 30,2017,01:31 (GMT+7)
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HOSE stock rally triggers profit taking

Pham Vu

HCMC – Profit taking surged on September 28 as the HCMC bourse eased off three consecutive days of losses, helped by more active trading.

The VN-Index of the Hochiminh Stock Exchange (HOSE) briefly touched the 810-point level, leading to sell orders soaring, which in turn caused the market to almost reverse course. In early afternoon trade, strong trading activity sent the index surpassing 810 points and because of this, an upsurge in sell orders put pressure on the index and thus pushed it down straight to the reference level.

Despite the profit taking pressure, VNM of Vietnam Dairy Products Joint Stock Company, SAB of Saigon Beer - Alcohol - Beverage Corporation (Sabeco), and ROS of Royal Securities Corporation were the major supports of the main stock index.

The VN-Index closed up 0.13% at 804.82 points, with 151 stocks advancing and 110 others losing. The market saw 192.67 million shares traded with a total value of over VND3.86 trillion, up 21.94% in volume and 13.8% in value from the day before.

As SAB was recently added to the VN30-Index which features 30 stocks on HOSE with the largest market capitalization and the highest liquidity, the brewery stock recovered spectacularly in the September 28 session after three days of losses. Similarly, BHN of Hanoi Beer Alcohol and Beverage Joint Stock Corporation (Habeco) rose to its upper limit of VND116,000 per share. 

If the Ministry of Industry and Trade fails to divest State stakes in Habeco and Sabeco, the country’s two leading breweries, these stakes may be transferred to the State Capital Investment Corporation (SCIC) for management to ensure the divestment schedules will be met. Under the schedules, the ministry will have to divest the State stakes in Sabeco and Habeco in October and November and all proceeds will be transferred to the State-owned enterprise restructuring assistance fund prior to December 1.

VNM added 7% at VND149,000 per share and ROS gained 0.7% at VND106,400 per share.

In the basket of VND30 stocks, STB of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) and MBB of Military Commercial Joint Stock Bank (MB Bank) were actively traded on HOSE. The market saw 6.77 million STB shares matched aside from a huge volume of STB shares transacted in put-through deals. STB ended up 2.9% at VND12,600 per share.

MB Bank had 6.5 million MBB shares matched but its stock price fell 0.7% to VND22,500 per share.

September 28 was the ex-date of the VCB stock of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) which will pay an 8% dividend in cash. It ended 0.9% higher at VND37,250 with 1.57 million shares changing hands.

Many small-cap stocks such as FIT, HAI, HAR, LDG and CCL stayed in the red.

On the Hanoi Stock Exchange (HNX), trade was lackluster, causing the HNX-Index to close down 0.08% at 107.43 points. Trading volume totaled 58.06 million shares worth VND584.93 billion, up 15.86% and 8.21% from a day earlier respectively.

The market for unlisted public firms (UPCoM) edged 0.03% lower at 54.16 points, with 4.84 shares worth VND85.2 billion traded, unchanged from the previous day. Put-through transactions totaled 8.48 million shares with a total value of VND198.34 billion.

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