Stock trading at a Military Bank Securities facility (Photo: VNA) Hanoi (VNS/VNA) -Shares rebounded slightly on the HCM Stock Exchange after a bearish session on August30, propped up by strong growth of real estate and steel stocks.
The benchmark VN-Indexregained all of August 29’s losses with a rise of 0.6 percent at the close of778.65 points. The southern market index edged down 0.42 percent in theprevious session.
Many heavyweight stocksrecovered on August 30, including industry-leading companies in sectors of realestate, steel manufacturing, retail and food-beverage.
VinGroup, the biggestlisted realty firm by market value and assets, perked up 6.84 percent andsettled at 49,200 VND (2.17 USD) a share. The company on August 30 reported itsnet profit after audit soared to almost 1.65 trillion VND in the first half ofthis year, a 6.8-fold increase over the old figure of just 244 billion VND.
Its consolidated netprofits (total profits made by all companies belonging to the group) alsoincreased by 251.2 billion VND to 1.86 trillion VND. The company explained sucha sharp rise mainly came from an increase in financial incomes includingadditional dividends receiving from its subsidiaries.
Foreign investors on August30 bought a net value of nearly 39 billion USD worth of VinGroup’s shares,making it the most purchased share by foreign traders by value.
Apart from VinGroup,other firms such as Masan Group, Vinamilk, brewery Sabeco, IT giant FPT Corp,mobile device retailer Mobile World Group, steelmakers Hoa Phat Group and HoaSen Group also advanced and supported the market.
On the defensive side,some large-cap stocks still sank in the red and weighed on the VN-Index,including banks such as BIDV, Vietinbank, Sacombank, insurer Bao Viet Holdings,petrol retailer Petrolimex and PetroVietnam Drilling and Wells Service Corp.
[Infographics: Vietnam's stock market in first 7 months of 2017]
Meanwhile, speculativestocks were under high selling pressure. Real estate FLC Group, Hoang QuanConsulting-Trading-Service Real Estate JSC, HAI Agrochem and financial servicesOcean Group still led the market by the trading volume but their share pricestumbled between 3-7 percent each.
According to BIDVSecurities Co, liquidity declined along with the trend of cash flow focusing onindividual stocks which could cause unsustainable market growth.
“The VN-Index may riseagain in the coming sessions but the medium-term correction trend has notended, especially in the context of a lack of support information in thecurrent period,” the company said in a note.
The HNX Index on the HanoiStock Exchange fell 0.18 percent to close at 103.34 points, extending its fallto total 0.5 percent after the last two sessions.
A total of 243.3 millionshares worth nearly 4.1 trillion VND (179.4 million USD) were traded in the twomarkets on August 30, down 22.6 percent in volume and 16.3 percent in valuecompared to the previous session’s figures.-VNA
VNA
