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Long-term investors boost bourse
Purchases remained significant on the domestic stock market yesterday, helping maintain the upward move.
Asian and Pacific markets rallied in response to the US Federal Reserve’s interest cut to 1 per cent, a move expected to spur economic growth.
The VN-Index at the HCM City Stock Exchange (HOSE) closed 4.95 points higher, or 1.49 per cent, to finish at 336.57. Trading volume reached 17.12 million shares worth a total VND514.32 billion (US$31.2 million).
The southern bourse recorded 110 winners by the end of the day. As many as 36 codes declined and 18 stayed unchanged.
Most active stocks for the day included Sacombank (STB) with orders for 3.3 million shares. Saigon Securities Inc (SSI) and Hoa Phat Group (HPG) each traded about 1 million shares.
Foreign clients yesterday bought 1.3 million shares and unloaded 2.97 million units. Net sales value narrowed to VND71.37 billion ($4.3 million) from Wednesday’s VND130 billion ($7.87 million).
Director of Vincom Securities’ Analysis Department, Phan Anh Tuan, said, "While the market sank in the last few weeks, a bright point was that liquidity remained high as many long-term investors were still buying in."
According to HOSE statistics, the total volume of shares changing hands was about 290 million units in 20 trading days in October. Volume averaged 14.5 million shares per day.
Investors are cautiously buying in with selection, focusing on codes with largest capitalisation values on the market, said the chairman of Saigon Asset Management, Louis Nguyen. He noted that no panic had been seen in investors.
"For institutional investors, market liquidity is more important than temporary fluctuations," he added.
Bui Van Quang, deputy general director of SME Securities said despite the hard time, investors should stay in the market. "As long as they are present in the market, there are opportunities to earn money and recover what they have lost."
"For all times, up and down are rules for the stock markets," he said.
On the Ha Noi Securities Trading Centre, the HASTC-Index added 4.5 points or 4.19 per cent to close at 111.94. Trading volume was 7.45 million shares worth VND190.6 billion ($11.55 million).
Asia Commercial Bank (ACB) led the northern market in terms of trading volume with 1.3 million shares traded. Kim Long Securities (KLS) was next with 590,000 units, followed by Petroleum Technical Services Corp (PVS) with about 400,000.
Vietnamnet
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