Vietnam stock market treads water despite foreign selling

By Hung Le   April 5, 2019 | 06:05 am PT
Vietnam stock market treads water despite foreign selling
An investor sits in front of stock market screens at a securities company in Hanoi. Photo by Reuters/Kham
Both the VN-Index and HNX-index closed in the green today despite foreign investors being net sellers for a third consecutive session.

At the end of the session, Vietnam’s benchmark VN-Index which represents almost 90 percent of Vietnam’s stock market cap, managed to inch up by 2.35 points, an increase of 0.24 percent, to close at 989.26 points.

The HNX-Index, which accounts for the remaining 10 percent, rose by 0.42 percent, while the Unlisted Public Company Market (UPCoM) Index that trades shares of unlisted public companies saw a marginal 0.06 percent gain.

Blue chips posted gains, with state-owned enterprises PetroVietnam Gas (GAS) rising by 2.5 percent and Vietnam National Petroleum Group (PLX) by 1 percent, and private food and manufacturing conglomerate Masan Group (MSN) by 0.6 percent.

Subsidiaries of Vietnam’s biggest private conglomerate Vingroup also gained, real estate company Vinhomes (VHM) by 0.7 percent increase and retail arm Vincom Retail (VRE) by 0.8 percent.

Major losses by some other large caps hampered momentum. Shares of the country’s largest dairy company, Vinamilk (VNM), fell by 1.2 percent, those of its biggest brewer, Sabeco (SAB), by 0.7 percent and of Phu Nhuan Jewelry JSC (PNJ) by 0.5 percent.

Banking stocks saw mixed results with gains and losses for major state-owned lenders. Market breadth was positive, 158 stocks rising and 129 falling, with the remaining closing unchanged.

Foreign investors remained sellers for a third day in a row, with the value today being VND35 billion ($1.51 million).

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