Business

Blue chip turnaround eases decline

Blue chips on the Ho Chi Minh Stock Exchange did a turnaround, helping to ease the decline of the VN-Index which closed at 601.78 points, falling just 0.06 percent.
Blue chips on the Ho Chi Minh Stock Exchange did a turnaround, helpingto ease the decline of the VN-Index which closed at 601.78 points,falling just 0.06 percent.

Compared to August 11 session, tradingwas sluggish, with 83 million shares worth 1.46 trillion VND (68.8million USD) changing hands.

The performance of the 30 largeststocks in the exchange drove the VN30 Index up 0.27 percent, reaching639.96 points. Ten of the shares managed to rise, notably of propertydeveloper Vingroup (VIC), PetroVietnam Drilling Services (PVD) and DaNang Rubber (DRC) which added 2 to 3.3 percent.

Apart from theshares tracked by the VN30, newly listed Mobile World (MWG) jumped 3.5percent, and seafood processor Minh Phu (MPC) hit its ceiling price.

Onthe Hanoi Stock Exchange, the declining momentum of indexes also sloweddown. The HNX-Index shed 0.16 percent to 80.47 points, while the HNX30fell 0.06 percent to 161.48 points.

Trading values rose dramatically to more than 1.1 trillion VND (51.8 million USD) on a volume of 66.7 million shares.

Thesurge in trading was due to transactions on construction companyVicostone (VCS), which saw over 29 million shares changing hands. Theshares were exchanged through negotiations at 23,100 VND (1.1 USD),higher than its closing price of 19,500 VND (0.9 USD).

Transactionson August 12 could be related to the company's plan earlier this monthto merge with rival Phuong Hoang Xanh A&A Company.

Foreign investors continued to be net sellers by 142.3 billion VND (6.7 million USD).

VICwas the most heavily sold with nearly 846,500 shares worth 65.74billion VND (3.1 million USD) in net value, followed by private equitygroup Masan (MSN), property developer Hoang Anh Gia Lai (HAG), Kinh DoConfectionery (KDC) and PVD.-VNA
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