Business

Blue chips cushion blow of gas price hike

Hike in petroleum prices had negative impacts on the stock market but rallies of several large-cap shares helped rescue the market from a hard fall.
Hike in petroleum prices had negative impacts on the stock market butrallies of several large-cap shares helped rescue the market from a hardfall.

On the Hochiminh Stock Exchange, the VN-Index fluctuatedbut eventually inched up 0.13 percent to close the July 8 session at591.47 points despite decliners outnumbering advancers by 104-88. Other110 closed flat.

Modest increases of three major shares includingPV Gas (GAS), Masan Group (MSN) and VinGroup (VIC) was the mainmomentum of the market. These shares rose just 0.5-0.9 percent. However,as the majority of the top 30 shares by market value and liquidity lostvalue, the VN30 still slipped 0.08 percent to end at 636.21 points.

Liquiditydeclined with the market volume down 25 percent from the previoussession to nearly 97 million shares and fund certificates while thevalue of trades went down 30 percent, totaling 1.487 trillion VND (70.5million USD).

Realty stocks were the most heavily-traded on thesouthern bourse, led by FLC Group (FLC) with 9.4 million shares,climbing 1.6 percent to close at 12,800 VND a share.

Tan TaoInvestment Industry Corp (ITA) came second with a total volume of 6.5million shares, closing flat at 8,500 VND each while BecamexInfrastructure Development Co (IJC) followed on trades of 3.5 millionshares, jumping 3.8 percent to 13,700 VND.

Blue chips alsosupported the Hanoi Stock Exchange, with the HNX-Index adding 0.55percent to end at 79.36 points although losers outnumbered gainers by105-87. Other 166 were unmoved.

The main supporters were Sai Gon-Hanoi Bank (SHB), Sai Gon Thuong Tin Real Estate Co (SCR) andconstruction giant Vinaconex (VCG). SHB was also the most active stockon trades of 6.5 million shares. The share price climbed 2.2 percent to9,400 VND each. The HNX30, the tracker of the top 30 stocks on thenorthern bourse, was also up 1.04 percent to stand at 162.05 points.

Tradingdeclined, however, as the market volume dropped 10 percent from July 7,totalling over 51 million shares worth nearly 674 billion VND (3.3million USD).

Foreign investors unexpectedly were net sellers onthe HCM City's market after 16 consecutive net buying sessions. Theyunloaded shares worth nearly 51 billion VND (2.4 million USD). However,they remained net buyers on the Hanoi bourse, responsible for a net buyvalue of 17.6 billion VND (834,000 USD).-VNA
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