An investor watches stock move on a tablet (Photo: VNA)Hanoi (VNA) - Vietnam’s benchmarkVN-Index struggled to rise on June 12, but market conditions remained poor asinvestors remained cautious ahead of the US Fed’s meeting.
Thekey stock index on the HCM Stock Exchange inched up 0.18 percent to close at751.09 points, a slight recovery from a two-day loss of 0.5 percent.
Markettrading liquidity remained nearly unchanged compared to the previous twosessions with more than 184 million shares being traded, worth 3.72 trillionVND (165.6 million USD).
Themarket trading condition was negative with decliners outnumbering gainers by153 to 114, and two-thirds of the 30 largest companies by market capitalisationsuffering.
Thesouthern market index was pulled up by some large-cap stocks, including FLCFaros Construction (ROS), brewer Sabeco (SAB), fuel dealer Petrolimex (PLX),two banks BIDV (BID) and Vietinbank (CTG) and PetroVietnam Gas (GAS).
Amongthose shares, ROS hit its daily trading limit of 6.9 percent after shares ofFLC Faros Construction Group was added into the investment portfolio of V.N.METF, an exchange-traded fund under management of the VanEck Vectors VietnamETF.
ROSwas also the most attractive stock to foreign investors, who poured a net buyvalue of 19.6 billion VND into this stock, equal to 65 percent of the totalforeign net buy value recorded on June 12.
Butdespite the rapid rise of ROS, poor investor sentiment was illustrated inforeign investors’ low net buy value, which has dropped from a value of 220billion VND made on June 6 and remained modest since then.
Thefall of foreign net buy value could be the result of foreign investors’ cautionahead of the scheduled two-day June 14 Fed meeting to decide whether it shouldincrease interest rates this month.
However,Bao Viet Securities (BVSC) said in a note that a lending rates hike would nothave a major negative impact on Vietnam’s stock market as investors havealready priced in the chance for a rate hike this time.
Accordingto the brokerage, investors would pay attention to how many rate hikes could bemade this year, and a smaller number of rate hikes for this year could be aboost for global stock markets in the short term.
Onthe Hanoi Stock Exchange, the HNX-Index finished at 96.83 points, down 0.54 percentfrom last week’s closing level.-VNA
VNA
