Business

Southern bourse slides as foreign funds sell

Shares declined in Ho Chi Minh City while continuing to close ahead in Hanoi on Dec. 13.
Shares declined in Ho Chi Minh City while continuing to close ahead in Hanoi on Dec. 13.

On the Hanoi Stock Exchange, the HNX-Index reached 66.22 points, a 0.4 percent increase over the previous session.

The HNX30, tracking the northern bourse's top 30 shares bycapitalisation and liquidity, was up 0.36 percent to 125.21 points.

Trading, however, decreased some 22 percent to 228.86 billion VND (10.8 million USD) and 26 million shares.

Meanwhile, foreign investors were net buyers in Hanoi by a marginof 11.6 billion VND (547,160 USD), while on the southern bourse, theyended the day as net sellers by over 14.6 billion VND (688,670 USD).

Also, the benchmark VN-Index slid 0.17 percent to 506.06 points. Thetotal value of trades reached only 36 percent of the previous day'sfigure, or 882.47 billion VND (41.6 million USD) on a volume of nearly67.7 million shares.

Blue chips were mixed, with 11 stocksfalling and the same number of shares adding value. The VN30, composedof these large-cap stocks, lost 0.16 percent to 566.47 points.

Next week, FTSE Vietnam ETF and Market Vectors Vietnam ETF will offloadshares to restructure their portfolios. Two blue chips, Vietcombank(VCB) and property giant Vingroup (VIC), are expected to be sold,therefore the market as a whole might be adversely affected.

Additionally, Market Vectors Vietnam ETF will have to offload some 200billion VND (9.4 million USD) in shares to reduce their percentage ofshares from 72.6 percent to 70 percent.

FPT Securities Companyanalysts said short-term risks were not high, as the VN-Index managed toretain the 505 point level during Dec. 13’s session.

With theinformation surrounding the exchange-traded funds' activities, thecompany predicted the stock market would move in a sideways direction.-VNA
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