Stock market: Selling pressure dampens growth

The national stock market opened in the positive on June 8 but began to decline after investors on the market mounted pressure to sell.
The national stock market opened in the positive on June 8 but began to decline after investors on the market mounted pressure to sell.

The VN-Index and HNX-Index approached highs of 586 points and 89 points, respectively, but both ended flat around the numbers on June 5.

On the HCM Stock Exchange (HOSE), the VN-Index gained just 0.3 percent to finish at 579.83 points.

Market liquidity hit its peak since late March with a total 193 million shares being traded, with a net worth of 2.93 trillion VND (135.8 million USD).

The VN30 Index, covering the 30 largest shares on the market in terms of liquidity and market value, went up 0.39 percent to 594.51 points.

The basket had a mixed performance with 15 gainers and 13 decliners.

FLC Group (FLC) and HCM City Infrastructure Investment JSC (CII) continued to be the most active codes, trading 30 million and 15 million shares, respectively.

Ocean Group JSC (OGC) didn't move far from its floor price of 2,600 VND but traded more than 6.3 million shares.

Other large-cap shares like Vingroup (VIC) and Vinamilk (VNM) also rose to help keep the market in the positive.

Of the six bank shares listed on HOSE, BIDV (BID) and Sacombank (STB) remained flat, while others showed slight increases.

Among gas stocks, only PetroVietnam Gas Joint Stock Corporation (GAS) declined. Others experienced marked improvement. Idico - Petroleum Trading Construction Investment JSC (PXL) and Petroleum Pipeline & Tank Construction JSC (PXT) hit both their the ceiling prices.

On the Hanoi Stock Exchange, the HNX-Index rose by 1.31 percent to end at 87.85 points with 119 gainers and 74 decliners.

Nearly 95 million shares traded at a value of 1.13 trillion VND (52.5 million USD), the highest value since December 9 of last year.

The HNX30 Index edged up 1.68 percent to end at 168.9 points and the number of gainers tripled that of decliners by 19 to six.

Speculative shares like KLF Joint Venture Global Investment Company (KLF) and PetroVietnam Construction JSC (PVX) continued to attract investors.

By the end of the session, they were the most active codes on the market with an average of 10 million shares traded each. Their market values rose by 1.28 and 2.44 percent, respectively.

Gas shares had a positive performance. Drilling Mud Corporation (PVC) gained 4.69 percent and Petroleum Technical Services Corporation (PVS) gained 3.77 percent.

Other large-cap shares such as Saigon-Hanoi Bank (SHB), FIT Investment JSC (FIT) and Saigon Commercial Real-estate JSC (SCR) also finished well, keeping the market trending upwards.

Foreign investors were net sellers on HOSE with total sell value of 57.3 billion VND (2.65 million USD) and remained net buyers on HNX with a total buy value of 14.8 billion VND (687,500 USD).-VNA

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