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Shares recover on blue chips

Investors follow the stock movements at the Ha Noi Stock Exchange. — Photo tbck.vn

HÀ NỘI – Shares rose slightly yesterday after a brief decline on Monday as large-cap stocks recovered on rising optimism over third-quarter earnings prospects.

The VN-Index, the measure of  三 一 二 stocks on the HCM Stock Exchange, inched up 0. 二 per cent to close trade at  六 八 二 point. It decreased 0. 九 per cent on Monday.

On the Hà Nội Stock Exchange, the HNX-Index tracking  三 七 九 stocks managed to close marginally up at  八 五 points after sinking for most of the trading day. The index also decreased 0. 六 per cent on Monday.

Many large-cap stocks recovered yesterday, including the highest valued one such as insurer Bảo Việt Holdings (BVH); up  二. 三 per cent; dairy giant Vinamilk (VNM), up  一. 三 per cent; steelmaker Hòa Phát Group (HPG), up  二. 三 per cent; and software producer FPT Corporation (FPT), up  一. 七 per cent.

Some still lost value, including lender BIDV (BID), real estate developer VinGroup (VIC), PV Gas (GAS), Saigon Securities Inc (SSI) and Kinh Bắc City Development (KBC) and Tân Tạo Investment Industry Corporation (ITA).

“Prices of several blue chips have become attractive after recent deceleration. The declining sessions will likely provide buy-in opportunities for investors in good stocks at reasonable prices,” wrote analysts at Saigon Hanoi Securities Co.

However, the overall market breadth was negative yesterday as  二 一 四 of  六 九 二 stocks declined,  二0 九 increased and  二 六 九 closed unchanged.

Liquidity increased with over  一 八 四 million shares worth almost VNĐ 三 trillion (US$ 一 三 四. 五 million) traded in the two markets, up  一 九. 七 per cent in volume and  三 六. 四 per cent in value compared to Monday’s levels.

The market was forecast to move sideways in the short term, Trần Đức Anh, analyst at Bảo Việt Securities Co, wrote in a note. However, he maintained a positive view on the market outlook in the medium term with the VN-Index reaching  七00- 七 一0 points.

Lender BIDV yesterday followed Vietcombank, LienVietPostBank and HDBank  to reduce its lending rates. This is a positive signal for the whole economy and is expected to draw other banks to similar action in the near future.

Foreign investors continued to offload local shares. They were responsible for a net sell value of VNĐ 四 七 billion in the two markets, down  三 四. 七 per cent from the previous trade. – VNS