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Major stocks hold steady
Last week's five-straight positive trading sessions on the HCM City Stock Exchange saw general improvement in share prices and a reassuring level of liquidity.
Foreign investor trading was modest, with only 7.27 million shares bought and 5.87 million units sold. (Photo: LAD)
Over the week as a whole, the VN-Index rose 26.59 points, or 7.2 per cent, to close at 392.61. A total of 53 million shares were traded, at an average value of VND322.47 billion (US$ 19.54 million) per day.
Blue-chip stocks such as Sacombank (STB), Saigon Securities Inc (SSI), Phu My Fertilisers (DPM) and Vinamilk (VNM) saw steady increase during the week.
STB led the way in terms of trading volume and value, with 9.64 million shares changing bands for VND200.64 billion ($12.16 million). DPM followed, with 3.38 million shares traded for VND136.6 billion ($8.28 million).
Shares in SSI were much in demand after Japan's Daiwa Securities Group Inc committed to buy 11 million shares and early last week ANZ Bank registered to buy more than 6.8 million. Buy orders for SSI stock exceeded instructions to sell by around two million over the final two sessions of the week.
Foreign investor trading was modest, with only 7.27 million shares bought and 5.87 million units sold.
Signs are good that the market has bottomed out, said Thang Long Securities' Company director Le Dinh Ngoc.
"We don't know for certain that the VN-Index has reached the lowest point of its downturn yet," Ngoc said. "But, the index's increasing value and market liquidity over the last three weeks indicate a more stable market."
"Generally good news about the economy has also supported the market," he said.
For the first six months of the year, economic indicators have proved positive. Foreign direct investment was $31.6 billion over this period, a 3.7-fold increase over the same period last year; value of exports was $29.7 billion, a year-on-year increase of 31.8 per cent; and the trade deficit fell from $2.85 billion in May to $1.3 billion in June.
Now is a suitable time for long-term investment, both Ngoc and Bien Viet Securities deputy director Vu Duc Nghia said.
However, Ngo Van Minh, deputy director of Eurocapital Securities' Analysis Department, said investors should be cautious about their investment decisions right now as the economy still faces difficulties.
The skyrocketing global oil price, which has hit a record high of more than $140 per barrel, could further force up domestic petrol prices, Minh said.
Last Monday, the Government instructed petrol companies to stabilise petrol prices for the remainder of this year. To facilitate this, the Government will subsidise the price of petrol and provide loans to petrol importers so they meet their import quotas.
Energy, rubber, fertiliser and oil and gas sectors are secure investments now, director of SBS Securities' Investment Analysis Department Le Ba Hoang Quang said. At the Ha Noi Securities Trading Centre, the HASTC-Index gained 2.3 points over the week, or 2 per cent, to close at 392.61. In total, 30.63 million shares were graded, with a value of VND670.57 billion ($40.64 million).
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