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VN-Index rises; Asia takes a hit
The Vietnamese stock exchange sidestepped a falling session yesterday after a surge of investor enthusiasm, which other Asian markets lacked.
The VN-Index rose 2.56 per cent to 409.61 yesterday, up 10.21 points. Trading volume also increased to 8.37 million shares with a turnover of VND218.19 billion (US$13.22 million).
Only four codes lost points yesterday and the remaining saw large gains.
Some stocks hit ceiling prices including Vinamilk (VNM), up 2.83 per cent to VND109,000, and Hau Giang Pharmaceuticals (DHG), up 2.79 per cent to VND147,000.
Hoang Quan Nguyen, an investor in VNDirect Securities, said that investors were now seeking blue chips for profit after the market recovers.
"We’ve heard a lot of good news from overseas institutes about the Vietnamese economy, which means our economy is changing for the better. So we should invest in stocks now," he said.
"However, it’s harder to buy good stocks at high volume than it was several weeks ago. Investors with blue chips want to hold onto them until the share prices rise again," Quang said.
Sacombank (STB) yesterday maintained the market lead in trading volume with 1.2 million shares changing hands.
STB yesterday climbed 2.74 per cent to VND22,500.
Mai Van Tu, head of the brokerage department at Nam Viet Securities, said that the return of investors to the market was logical.
"Of gold, property or securities, investors understand that securities investment is the safest bet at the moment because the share prices are now on par with their book value or even lower," Tu said.
Tu also noted that investment funds were pumping money into the exchange, contributing to the upturn.
"The strong purchase of funds also signals the safety of securities investment now. Investors can use this information as a basis for investing," he added.
Nearly all other Asian stock markets were down yesterday due to soaring oil and food prices. The price of crude oil on the New York Stock Exchange website www.nymex.com hovered at around $141.71 per barrel.
In Ha Noi, the HASTC-Index rebounded, closing up 2.06 per cent at 114.99.
Trading volume closed with 3.85 million shares, a turnover of VND75.50 billion ($4.58 million). Kim Long Securities (KLS) and Asia Commercial Bank (ACB) were the most heavily traded codes in the session.
ACB saw 270,400 shares change hands and KLS 633,300 shares.
VNS
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