Foreign muscle keeps market erect

Bao Viet Holding (BVH) jumped 2.91 per cent to VND92,800 and Masan Group (MSN) hit the ceiling, helped by foreigners strongly buying-in. MSN had hit ceiling for the sixth straight session, most thanks to foreigners.

The VN-Index gained 3.61 points, or 0.77 per cent, to 472.93 points on the Ho Chi Minh Stock Exchange (HoSE).

Those foreigners, however, boosted selling-out on HoSE. They sold 2.4 million shares while buying 1.8 million, with net selling value was of VND5 billion ($241,000).

Meanwhile, local investors seemed to increasingly keep aside the market. Liquidity tumbled on the southern bourse to 23.6 million shares, down 20 per cent. Value meanwhile was down 30 per cent to VND446.62 billion ($21.58 million).

Several blue-chips declined, among them Hoang Anh Gia Lai (HAG), Vincom Corp. (VIC), FPT Corp. (FPT) and Hoa Phat Corp. (HPG).

Sacombank (STB) and Eximbank (EIB) slightly gained while Vietcombank (VCB) wasoff. Saigon Securities Inc. (SSI) and PetroVietnam Finance (PVF) ended flat.

“The market trend can not be stable as liquidity remains weak,” said Sacombank Securities, “the market is hard to bounce back given unstable macroeconomics.”

The mineral company Saigon-Quy Nhon (SQC) and Saigon Telecommunication (SGT) recently announced officially de-listing given the falling stock prices, underscoring the strong downward trend of the market. SQC was unchanged for a month, while SGT suddenly hit the ceiling today.

Some 123 stocks eased back, compared with 94 gaining and 58 ending flat. Some 20 hit the ceiling and 19 hit the floor.

The Hanoi Stock Exchange had no support from foreigners today. HNX-Index lost 0.52 points or 0.62 per cent to 83.27 points.

Major stocks largely fell or ended flat, except the coffee exporter Thai Hoa Vietnam Group (TVH) gained 2.87 per cent with more than 2.5 million shares traded.

Liquidity declined with 23 million shares worth VND309.37 billion ($14.95 million) traded.