VN-Index down as liquidity surges

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 261 stocks falling and 136 rising. Total trading volume surged 65 percent over the previous session, reaching VND6.6 trillion ($285 million), after three quiet sessions of below VND4 trillion liquidity.

The sudden rise in trading volume Thursday was primarily a result of put-through transactions of 17.1 million VHM shares, belonging to real estate giant Vinhomes, worth VND1.3 trillion ($56 million), from domestic to foreign investors.

Vinhomes has not released an announcement regarding these transactions. Its VHM ticker kept its opening price this session.

The VN30-Index for the market’s 30 biggest caps, for the third session, underperformed compared to the general market, falling 0.42 percent. 20 stocks in this basket fell, while only two gained.

Oil and gas stocks were the market’s worst performers this session, with POW of electricity generator PetroVietnam Power dropping 2 percent, GAS of energy giant PetroVietnam Gas 1.5 percent, and PLX of petroleum distributor 1.4 percent.

ROS of real estate developer FLC Faros topped losses with 2.2 percent, but because it is the VN30’s smallest cap, it usually fluctuates on a large percentage band.

Food and beverages stocks were all in the red this session. SBT of agriculture firm TTC-Sugar dropped 1.4 percent, MSN of food conglomerate 1.3 percent, SAB of major brewer Sabeco 0.6 percent, and VNM of dairy giant Vinamilk 0.1 percent.

Other major losing stocks were SSI of top brokerage Saigon Securities Inc., down 1.4 percent, TCH of truck dealer Hoang Huy Group, down 1.2 percent, HDB of private lender HDBank, with 1.1 percent, and TCB of private Techcombank, with 1 percent.

VIC of private conglomerate Vingroup, HoSE’s biggest capped ticker, shed 0.6 percent.

CTG of VietinBank, VCB of Vietcombank, and MBB of Military Bank, state-owned lenders, were all flat this session, with the exception of BID of BIDV, which fell 0.9 percent.

In the green were EIB of private lender Eximbank, up 0.6 percent, and FPT of IT services giant FPT, up 0.4 percent.

Meanwhile, the HNX-Index for the Hanoi Stock Exchange, home to mid- and smaller-caps, shot up 1.67 percent, and the UPCoM-Index for the Unlisted Public Companies Market added 0.12 percent.

Foreign investors were net buyers to the tune of VND1.38 trillion ($59.6 million) on all three bourses, ending a streak of nine consecutive net selling sessions. VHM was by far the most net bought stock, with a foreign net buy of VND1.7 trillion ($73.4 million), taking into account order-matched transactions.

Other than VHM, net buying pressure from foreign investors were focused on stocks off the VN30 this session, something rarely seen on the HoSE.