Foreign investors push up VN large-cap stocks

September 17, 2012 | 17:00

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Large-cap stocks significantly moved up the stock market Monday, as local investors speculated on the stocks that foreign exchange-traded funds are buying.

America’s exchange-traded fund iShares announced last week investing in some frontier markets, including Vietnam. Its portfolios included seven large-cap stocks Vietinbank (CTG), Bao Viet Holdings (BVH), Sacombank (STB), Masan Group (MSN), Vincom Group (VIC), PetroVietnam Fertilizers (DPM) and Vietcombank (VCB).

Most of those stocks strongly rose from the beginning of the session. Vietcombank (VCB) gained 3.83 per cent with 1.3 million shares matched, Sacombank (STB) hit the ceiling, Vietinbank (CTG) advanced 0.51 per cent.

Bao Viet Holdings (BVH) hit the ceiling while Vincom Group (VIC) jumped 1.4 per cent. Masan Group (MSN) ended flat while PetroVietnam Fertilizers falling.

Some other large-cap stocks also gained. Eximbank (EIB) jumped 3.4 per cent with 1.4 million shares matched, outperforming the market. Song Da Urban & Industrial Zone Investment and Development (SJS) hit the ceiling.

At the close, the benchmark VN-Index added 2.88 points or 0.72 per cent to 401.75 points, although decliners outrunning advancers. Some 119 stocks ended off on the bourse, compared with 99 advancing and 91 unchanged.

However, liquidity stayed week. HoSE’s matching value reached VND447.8 billion ($21.6 million). Total liquidity reached 38.9 million shares worth VND593.3 billion ($28.7 million).

Without support from large-cap stocks, Hanoi Stock Exchange (HNX) fell again. The bourse’s benchmark HNX-Index closed off 0.53 points or 0.89 per cent to 58.7 points.

Leading stocks continued suffering selling pressure. Petro Vietnam Construction (PVX) dropped 5.56 per cent, outperforming the bourse with 3.1 million shares matched.

VNDirect Securities (VND) and Kim Long Securities (KLS) both shed more than 2 per cent each. Saigon-Hanoi Bank (SHB) significantly lost.

Penny stocks were strongly sold today, after shortly rising up in previous sessions. Ha Noi Investment General Corp. (SHN), Thai Hoa Viet Nam Group (THV) hit the floor. Decliners outran advancers 132 to 80. Some 180 stocks ended flat and 135 had no transaction.

Liquidity was of just 23.2 million shares worth VND172.3 billion ($8.3 million) on the northern bourse.