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Sunday, June 16, 2024

Trading dull on local stock market

The Saigon Times

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HCMC – Trading on the local stock market made little headway, with cash flow slowing down and the benchmark VN-Index just moving around the 1,345-point level. This fell short of investors’ expectations on the futures contract expiration date, which is due today, September 16.

With 212 winners and 187 losers, the main index closed just 0.04 points higher at 1,345.87. Turnover on the southern market continued to fall for three consecutive sessions, with the volume down over 13% and the value dipping 5% at more than 599 million shares worth over VND18 trillion. Shares traded in block deals contributed some VND1.4 trillion to the overall value.

Bank stocks made small gains. VPB remained the biggest advancer in the group, up 1.7%. CTG and BID rose 1.6% and 1.5%, respectively, while other lenders such as VCB, TPB, MBB, TCB, and HDB gained 1-1.4%.

Meanwhile, consumer goods producer MSN continued its outstanding performance, soaring 3.4% to a record high VND149,800. It was also the best contributor to the index’s gain.

Apart from MSN and bank stocks, two other major contributors were retailer VRE and property developer KDH that surged 5.1% and 3.6%, respectively.

Realty firm VIC was the biggest drag on the main index. VIC slid 3.8% to its intraday low. Similarly, housing developer VHM, another member in the Vingroup family, lost 2.2%.

Many other bluechips also experienced poor performance, with brewery firm SAB and national flag carrier HVN incurring losses, in addition to HPG, MWG, SSI, GVR. Further, NVL, POW, VJC closed unchanged.

Steelmaker HPG led the southern bourse by liquidity with nearly 18 million shares traded, followed by VIC and VRE.

On the northern market, the HNX-Index gained 2.5 points, or 0.71% over the session earlier at 353,24, with 84 advancers and 92 decliners.

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