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Index gains on mixed, active trading
This week’s rally on the Ho Chi Minh Stock Exchange slowed on March 27, with the VN-Index increasing just 1.16 points – or 0.41 percent – to close the week at 287.41.
Trading volume reached a four-month high of 33.7 million shares, on a day heavy in both buys and profit-taking. The total value of the day’s trades reached nearly 780 billion VND (45.8 million USD).
“The domestic exchange continued to be supported by gains on the US stock market, but large sales by investors as they realised profits slowed the growth of the VN-Index,” FPT Securities Co. said in a report on March 27.
“The long-term downward trend of the market has now been broken,” said Giang Trung Kien, director of the FPT Securities analysis department. “The VN-Index is establishing an upward trend, enabling expectations of positive market developments in the coming weeks.”
International Royal Securities Co. reported that the amounts of money that clients were depositing in their accounts for investment was already twice the level of two weeks ago. But it said ‘major investors’, with portfolios of 7-10 billion VND, were still cautious, putting only about 40 percent of their investment portfolios into stocks.
In March 27 trading, most active shares Sacombank (STB) and Saigon Securities Inc (SSI) each generated orders for around 3 million shares, followed by Phu My Fertilisers (DPM) and Refrigeration Electrical Engineering (REE) with about 2 million shares each.
Foreign investors remained active, responsible for up to 10.7 million shares changing hands. They were net buyers of 3.3 million shares, with a net value of 104.5 billion VND (6.1 million USD).
In Hanoi on March 27, the HASTC-Index retreated 1.43 percent to end the week at 98.57 points, on a trading volume of 17.1 million shares. Total value of March 27’s trades was 348.7 billion VND (20.5 million USD).
Shares of securities firms, including Kim Long Securities (KLS) and Bao Viet Securities (BVS), were among the most active on the northern market, alongside market leader Asia Commercial Bank (ACB), which saw 3.3 million shares traded.
The FPT Securities report said “investor optimism is spreading all over the market”. If the current purchasing power was maintained, the report said, there was a high possibility that the VN-Index would soon rise to 320 and the HASTC-Index to 110 points./.
VietnAMPLUS
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