Illustrative image (Source: VNA)

Hanoi (VNA) – Vietnamese shares were mixed on August 8 while investor confidence in the market prospects remained low, pulling market trading to its lowest level since mid-February.

The benchmark VN Index on the HCM Stock Exchange was volatile before rebounding 0.3 percent from a month’s low hit on August 5 to close at 629.46 points.

Late buying in some large-cap and mid-cap stocks was the major factor that drove the index upwards after investors were cautious with the market prospects in the previous sessions, Saigon-Hanoi Securities Corp (SHS) said in a report.

Blue chips that had a positive impact on the market were Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB), PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Services Corp (PVD).

Market speculations helped VCB advance 2 percent after both international and local media on August reported that the bank may sell a 7 percent stake to Singapore’s investment fund GIC Private Equity.

GAS and PVD respectively added 1.6 percent and 1.7 percent as crude prices continued their recovery from the 3.5-month low hit on August 2.

US crude and Brent crude gained 1.5 percent and 1.4 percent to trade at 42.44 USD and 44.87 USD a barrel, totaling increases of 7.4 percent and 7.3 percent over the last four sessions.

Hoang Anh Gia Lai JSC (HAG) and its subsidiary Hoang Anh Gia Lai International Agriculture JSC (HNG) increased by 3.9 percent and 1.8 percent after HNG cleared speculations on being delisted from the stock market.

However, other smaller companies with negative business conditions continued to weigh on investor confidence, including Japan Vietnam Medical Instrument JSC (JVC) and Truong Thanh Furniture Corp (TTF).

JVC slumped 6.1 percent after the company published the audited financial report for the fiscal year of 2015-16, which recorded a loss of 1.33 trillion VND (59.3 million USD).

TTF plunged another 6.8 percent as the company was limited in trading after it failed to provide shareholders with clarification on 980 billion VND in missing inventories. TTF has plummeted two-thirds since July 19.

The HNX Index on the Hanoi Stock Exchange inched down 0.1 percent to end at 80.99 points, extending a loss of 3.2 percent for a sixth session.

Weak investor sentiment continued to keep market trading liquidity low. Both local bourses traded some 121.5 million shares worth 1.87 trillion VND – the lowest trading value since the stock market returned to trading almost six months ago.-VNA