Thursday, August 17, 2017 - 0:37:30

Vinamilk buys cushion VN-Index

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A positive performance by blue chips helped the VN-Index stave off further declines and close essentially unchanged on April 6 at 457.20 points. However, the volume of trades on the HCM Stock Exchange continued to be meagre at 23.3 million shares, worth a total of nearly 632 billion VND (30 million USD).

Blue chips gained an average of 0.23 percent, with software producer FPT gaining 4.8 percent on the day after the company became a member of Facebook's preferred developer consultant programme under a contract inked in late March. Under the deal, the FPT will help Facebook promote its marketing and advertising in Vietnam .

Among other blue chips gaining on April 6 were insurer Bao Viet Holdings (BVH), up 2.1 percent; Phu My Fertilisers (DPM), up 2 percent; financial conglomerate Ocean Group (OGC), up 1.6 percent; and property developer Vincom (VIC), up 0.8 percent. Banking stocks also performed well, with two of four listed stocks – Eximbank (EIB) and VietinBank (CTG) – rallying.

Foreign investors also hit a four-month record in net-buy value on April 6. They picked up 2.6 million shares worth a net of 204.5 billion VND. The record was partly attributed to heavy negotiated buys in shares of dairy producer Vinamilk.

Vinamilk officially listed 3.5 million Employee Stock Ownership Plan shares on the HCM City market on April 1, which reduced the foreign ownership rate in the company from 46 to 45.5 percent. This cleared the way for foreign investors to acquire additional shares up to 46 percent ownership in the company. The new shares will begin trading openly on the bourse on April 8.

On the Hanoi Stock Exchange, the HNX-Index managed a gain of about half a percent to close at 90.56. Volume rose 8.8 percent from April 4's session, with 22.3 million shares changing hands with the value of trades of 323.6 billion VND (15.4 million USD)./.
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