Vietnam’s benchmark VN Index fell back on March 17 while exchange-traded funds accelerated trading on the last day of portfolio reviews for the first quarter of 2017.
Investors during a trading session at MB Securities Company (Photo: VNA)
Hanoi (VNA) - Vietnam’sbenchmark VN Index fell back on March 17 while exchange-traded fundsaccelerated trading on the last day of portfolio reviews for the first quarterof 2017. The HCM Stock Exchange’s indexdropped 0.6 percent to close at 710.54 points, reversing from the previous day’sgain of 0.3 percent. The March 17 decline also sent theVN Index down for a second week with a total decrease of 0.2 percent from theprevious trading week. The focus of the stock market duringthe day was the portfolio review conducted by the two major foreign-runexchange-traded funds (ETFs) that are present in Vietnam’s securities market:FTSE Vietnam ETF and VNM Vietnam ETF. On the last day of the portfolioreview, the two ETFs helped boost market trading liquidity sharply with nearly253.2 million shares being traded worth 5.2 trillion VND (231.8 million USD). March 17’s trading figures were 41.4percent and 32 percent higher in trading volume and trading value,respectively, compared to the day before. The stock market fell as the ETFspurchased shares of the targeted companies through advance negotiations withshareholders given high supply from other investors, keeping the prices ofthose stocks at very low levels. Foreign investors recorded a netsell value of 286.36 billion VND, in contrast to the 197.2 billion VND net buyvalue made on March 16. Stocks that were added into theinvestment portfolios of those ETFs included property developer Novaland (NVL)and Faros Construction Corp (ROS). The new strategy used by the ETFssent the two stocks down to their daily trading limit of 6.9 percent and 7 percent, respectively.
As Faros and Novaland are the twolarge-cap groups in the stock market, the decline of their share prices werethe major factor pushing the VN Index down.
In addition, other blue chips alsoended in the “red” area and provided🍌 little support for ⛄the southern market.
On the opposite side, the HNX Indexon the Hanoi Stock Exchange gained 0.5 percent to end at 88.38 points. Thenorthern market index has rallied for a fourth day with a total growth of 1.6percent. The four-day rally also helped theHNX Index record a four-week rising streak. It has increased by 2.9 percent sinceFebruary 17. More than 64.7 million shares wereexchanged on the HNX market, worth 951 billion VND.-VNA
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