Stocks rise on bargain-hunting

by PV18 June 2017 Last updated at 11:56 AM

Investors watch stock movements at the office of Sai Gon Securities Inc.
Investors watch stock movements at the office of Sai Gon Securities Inc.

VTV.vn - Local shares recovered on June 16 from a slight fall despite foreign investors ending up as net sellers on the last day of exchange-traded funds (ETFs) portfolio review.

The benchmark VN Index on the HCM Stock Exchange inched up 0.09 percent to close at 761.24 points. It fell 0.03 percent on June 15.

The HNX Index on the Hanoi Stock Exchange advanced 0.55 percent to end at 98.31 points after declining by 0.1 percent on June 15.

June 16’s session also marked a weekly gain for both stock indices with the VN Index rising 1.5 percent week on week and the HNX Index increasing by 1 percent.

More than 279.6 million shares were traded on both local bourses, worth nearly 5.8 trillion VND (257.6 million USD) – an increase of 16.5 percent in volume and 26.8 percent in value.

The growth of the two local indices was attributed to strong bargain-hunting from domestic investors on the day that the two foreign-based funds VanEck Vectors Vietnam ETF (VNM ETF) and FTSE Vietnam ETF (FTSE ETF) completed their second-quarter portfolio reviews, reported tinnhanhchungkhoan.vn.

The review pressured local stocks as foreign investors posted a net sell value of 207.8 billion VND, a reverse from June 15’s foreign net sell value of 268.3 billion VND.

Foreign investors’ selling focused on large-cap stocks such as dairy producer Vinamilk (VNM), PetroVietnam Drilling and Well Services (PVD), PetroVietnam Technical Services (PVS) and insurance-finance group Bao Viet Holdings (BVH).

FLC Faros Construction (ROS) hit its daily losing limit of 7 percent for a third consecutive day despite being added into the two ETFs’ portfolios for the next quarter.  ROS has slumped total 21 percent in the last three sessions.

On the opposite side, foreign investors bought leading stocks in real estate, healthcare, agriculture and brokerage sectors.

Shares of leading companies in those sectors rose, including DHG Pharmaceutical JSC (DHG), Domesco Medical Import-Export (DMC), Vingroup (VIC), Novaland (NVL), Hoang Anh Gia Lai (HAG) and HAGL Agrico.

The VN Index recorded a second weekly gain and the HNX Index has risen for eight weeks with a slight decline of market trading liquidity as investors were cautious on the ETFs’ portfolio reviews, according to Saigon-Hanoi Securities (SHS).

In the next session, market trading will become more positive as investor confidence turns positive and the VN Index will move up to test the old peak of 763 points, SHS said.

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