March 30: VN Index tops 460 on thin volume

Vietnam’s stocks closed mixed as VN Index broke up 460 on bargain hunting but HNX still posted losses after petrol price hike today.

The benchmark VN Index added 2.16 points or 0.47% to 460.04. Volume fell back to 28 million shares traded for VND667.64 billion compared with 36.12 million shares traded for VND894.13 billion on Tuesday. Put-through deals were still active with 3.7 million shares traded.

The market opened with a loss of 3.55 points or 0.77%, volume at 1.27 million shares traded on the news that retail petrol prices rose VND2000 a liter from 22:00 last night. Hearsays of petrol price hike were priced in late selling yesterday.

However, the panic was soon calmed, bottom fishing emerged and gather enough steam to pull the benchmark to the positive ground. Selling pressure was also low and VN Index topped 460 in last minutes.

Analysts could not see evidences for a sustainable rally and after the petrol price hike, they expect CPI not to ease sharply in April. For now, the point 460 should be watched closely.

In related news, local gold prices hovered around VND36.5million/tael while the dong fell to 20,900 and 20,905 per dollar for bid and ask, respectively at Vietcombank from 20,890 and 20,895 yesterday.

The market breadth was still negative with losers outpaced gainers by a ratio of 148 to 77 and 63 stocks unchanged. As many as 14 stocks lost 5% limits while only 8 others closed up 5% cap.

SSI was the most active stock with 1.7 million shares traded, closing down 2.2% to VND22,400.

STB ranked second in the list with 1.4 million shares traded, closing down 1.4% to VND13,900.

HPG was in the third place with 0.77 million shares traded, closing down 2.2% to VND35,200.

VCB and EIB followed in the list with 0.76 million shares and 0.6 million shares traded, respectively.

Foreign investors continued to net buy VND57.09 billion shares on HOSE.

On the Hanoi Stock Exchange, the HNX bucked trend, posting a loss of 0.46 point or 0.5% to settle at 91.48. Volume fell back to 23.66 million shares traded for VND355.36 billion, from year high of 63.36 million shares traded for VND854.49 billion yesterday.

The market recorded 76 gainers, 205 losers and 38 unchanged stocks. As many as 12 stocks closed at upper limits while 35 others closed at the lower limits, the trading band on this bourse is 7% both sides.

KLS was the most active stock on the bourse with 2.3 million shares traded, closing down 3.8% to VND10,100 on average.

VND ranked second in the list with 1.8 million shares traded, closing down 2.6% to VND15,000.

PVX was in the third place with 1.7 million shares traded, closing down 2.4 % to VND16,300.

Foreigners slowed down net buying activities to VND2.93 billion on this bourse. – Stoxplus.com

Tags: vietnam stock, Vietnam stock market, Vietnam stock news