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Liquidity lifts as blue chips rebound
Liquidity improved considerably yesterday on both Hanoi and HCM City bourses, with blue chips rebounding to hit remarkable highs.
Trading volume doubled last Friday's figure, reaching 31.65 million shares and fund certificates, with a total revenue of nearly VND1.2 trillion (US$72.72 million).
The VN-Index increased 0.76 points or 0.16 per cent to close at 476.76.
The index last week dropped past the psychologically important 500-point mark to 476.76, a slump of 12.93 per cent, as a result of huge investor sell-offs.
Agribank Securities analyst Dao Van Khanh said the return of the 5 per cent import tax on petroleum by the Ministry of Finance, discouraging investors who were hoping for a lowered petroleum price, had the biggest impact on investors' actions last week.
Major stocks, including Binh Dinh Minerals (BMC), Phu My Fertilisers (DPM), Hoa Phat Group (HPG), Tan Tao Industrial Park Corp (ITA) and Vinamilk (VNM) turned around to hit the ceiling yesterday.
"Over the last two weeks, small securities were a safer choice, as the prices of blue chips reached investors' expectations," said Nguyen Quang Toan, an investor in Hanoi.
"The prices of big-securities have now become attractive after a week of consecutive declines."
Sacombank (STB) led the market in terms of trade volume with orders for 4.84 million shares matched yesterday, followed by Saigon Securities Inc (SSI) with 2.35 million.
Cables and Telecom Materials (SAM) and Refrigeration Electrical Engineering Corp (REE) were also active with 1.3 million and 1.1 million shares traded, respectively.
Foreign investors continued to be net sellers, unloading 4.85 million shares and buying 2.88 million units. Net sales value reached VND100.86 billion ($6.1 million).
At the Ha Noi Securities Trading Centre, the HASTC-Index closed at 162.9 after gaining 2.28 points or 1.42 per cent yesterday. About 19.64 million shares changed hands for a total turnover of VND695.75 billion ($42.16 million).
Kim Long Securities (KLS) was the most actively traded share with 3.5 million shares changing hands, followed by Asia Commercial Bank (ACB) with 1.38 million.
Nguyen Tien Huy, an analyst with the International Royal Securities Company (IRS), said late last week that the market would rebound this week, but it would likely remain in a downward trend in the short term.
Huy said that the market needed more supporting factors in order to rebound solidly.
Vo Tri Thanh, an economist from the Central Institute for Economic Management (CIEM), said at a seminar held at the International Royal Securities last Saturday that Vietnam's macro-level policies were in the right direction, with inflation easing and bank liquidity improving.
Thanh cited Citigroup's forecast, saying that inflation would reach 26-29 per cent this year, while economic growth would hit 6-6.5 per cent.
Next year's inflation is forecast to be 12-16 per cent, while economic growth should strike 7 per cent.
VNS
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