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VN-Index approaches 850 points

Phuong Thao
Tuesday,  Nov 7,2017,23:32 (GMT+7)
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VN-Index approaches 850 points

Phuong Thao

HCMC – Despite some profit taking pressure in the morning, the local stock market managed a substantial rise on November 6, sending the VN-Index up 5.36 points, or 0.64%, against last Friday at 849.09.

Closing the session, trading volume on the HCMC bourse dipped 15.3% at 172.2 million shares but value jumped 45% at VND6.3 trillion, mainly due to sizeable block deals of a number of large caps. Notably, consumer goods producer MSN saw four million shares traded via put-through while foreigners changed hands over 16.6 million shares of pharmaceutical firm TRA.

TRA reported four consecutive rising sessions last week after Vietnam Azalea Fund Limited had registered to sell 10.36 million TRA shares, pushing its price from VND117,200 to VND132,500 per share. The fund sold the shares to a foreign partner at more than VND1.4 trillion on the morning of November 6, according to vietstock.vn.

Foreigners continued trading six million TRA shares in the afternoon, pushing the firm to the floor price of VND123,300 a share at the close.

Among large caps, ROS, a construction enterprise, tumbled 6.4% at VND200,300 per share due to strong selling pressure. Meanwhile, dairy giant VNM, lender VCB and gas group GAS sharply increased.

Steelmakers HPG and HSG advanced 1.9% and 3.5% on matching volume of 3.8 million shares and 2.9 million shares respectively. PVD, which is active in the oil and gas sector, was the second most active traded stock, adding a slight 0.6% at VND16,100 per share with over 7.7 million shares traded.

Property enterprise FLC remained the volume leader with 8.6 million shares exchanged. The stock climbed 4.6% at VND6,610 a share after a reshuffle in high-ranking personnel was announced.

Retail firm VRE reported meager matching volume of 800 shares on the debut day but it shot up to the upper limit of VND40,500 a share. Other speculative stocks such as agricultural firm HAI and property company QCG also went up to the ceiling prices.

Notably, HBC, a construction enterprise, hit the ceiling price of VND54,900 a share on volume of over three million shares. HBC closed at the upper limit for the second straight session after encountering high selling pressure last Thursday over rumors on poor business results and relations with Khaisilk, a high-end Vietnamese silk brand recently found with frauds in selling China-made products.

On the Hanoi market, the HNX-Index added 0.7% at 105.09. There were 33.8 million shares worth nearly VND427 billion traded, down 28.2% and 10.4% respectively.

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