Blue chips drag VN-Index down

By Hung Le   January 3, 2020 | 04:11 am PT
Blue chips drag VN-Index down
An investor looks at a stock market screen at a securities company in Hanoi, Vietnam. Photo by Reuters/Kham.
The VN-Index slipped 1.53 points, or 0.16 percent, to 965.14 points Friday with most blue chips stocks closing in the red.

Friday saw a fairly balanced session with 173 stocks losing and 172 gaining on Ho Chi Minh Stock Exchange (HoSE), on which VN-Index is based.

Order-matched transactions remained relatively low at VND2.45 trillion ($105.25 million), compared to last month’s average liquidity of VND2.8 trillion ($120.65 million), but had risen nearly 10 percent over Thursday.

The VN30-Index for Vietnam’s 30 biggest market cap stocks sank 0.41 percent with 17 tickers losing and 10 gaining, with half the stocks in red lost at least 1 percent.

ROS shares of real estate developer FLC Faros continued to be the biggest losing stock on the market for the sixth consecutive session, losing 5.9 percent, ending a five-session streak of hitting its floor price, dropping 6.9 percent.

It was followed by NVL of real estate developer Novaland, which fell 2.6 percent, EIB of private lender Eximbank, down 2.5 percent, and GMD of logistics and port services firm Gemadept, down 1.9 percent.

Stocks of Vietnam’s three biggest state-owned lenders by assets all fell this session, with VCB of Vietcombank, CTG of VietinBank, and BID of BIDV having shed one percent, 0.9 percent, and 0.4 percent respectively.

FPT of IT services giant FPT and MWG of electronics retailer Mobile World fell 1.7 percent and 4.5 percent respectively.

In the other direction, the biggest gainer was MSN of food conglomerate Masan Group, up 0.9 percent. The stock has registered 6 gaining sessions in the last eight, after a losing streak following news of a major retail merger deal brought it down 20 percent in November.

VIC shares of Vietnam’s biggest private conglomerate Vingroup, HoSE’s highest market cap stock, gained 0.3 percent, and shares of its subsidiaries, VRE of retail group Vincom Retail, and VHM of real estate developer Vinhomes, rose 0.7 and 0.4 percent respectively.

Other major gainers included CTD of construction giant Coteccons, up 0.9 percent, and HPG of leading steelmaker Hoa Phat Group, up 0.6 percent.

Meanwhile, HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and mid-cap stocks, dropped 1.01 percent, while UPCoM-Index for Unlisted Public Companies did not change.

Foreign investors were net buyers to the tune of VND152 billion ($6.53 million) on all three bourses, with buying pressure mostly on HPG of Hoa Phat Group and VNM of the country’s biggest dairy firm Vinamilk.

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