|
Happy days return to nation’s markets
"People gathered around me, shouting at me to put this, place that," wrote Ha Noi-based stockbroker Nguyen Hai Anh in a blog entry last month, on the first of a recent run of high-volume days on the market.
"My eyes blurred, my ears rang with the noise.... I haven’t seen such a crowd for a long time. I felt life was turning around. I had the feeling that I have lost in the year since the stock market turned sour."
Like Anh, market participants in general are sensing the revival of the market, reflected in trillions of dong in daily transaction volumes, as well as the VN-Index continual climb in the past few weeks.
By Friday, the Index stood at a seven-month peak of 390.16, after adding another 6.54 per cent in value during the past week, backed by the solid buys by institutional investors returning to the market and offsetting the profit-taking of day traders at mid-week.
Average daily value over the past week on the HCM City Stock Exchange remained a brisk VND1.4 trillion (US$78.7 million) on a volume of 48.8 million shares.
"The assistance which we believed came from institutional investors remained powerful enough to keep the market in balance during profit-taking sessions and to motivate transactions to an even higher level," said FPT Securities Co analyst Dao Viet Anh in his report on the week.
The Vincom Securities analysis department agreed, explaining that heavy buys blue chips was a proof of the greater participation of institutional investors.
Sacombank (STB) was the most active share of the week with 39.3 million changing hands, followed by Saigon Securities Inc (SSI) with 20.3 million.
Automotive shares, suprisingly, saw the biggest gain in value, picking up 26.8 per cent, according to FPT Securities Co data, followed by shares in retail, up 23.37 per cent overall.
Vincom Securities analysts predicted that the market would continue to see an upward trend in the short term, with financial stock leading the way.
Market growth depended somewhat on what happened in the US, said Anh, suggesting that foreign investor transactions should be the reference for domestic investors.
Foreign investors over the past week were net buyers of 4.3 million shares, worth VND263.7 billion ($14.8 million), with blue chips like Hoa Phat Group (HPG), Pha Lai Thermal Power (PPC), and freight-forwarder Gemadept (GMD) most heavily favoured.
But they were net sellers on the northern market last week, by 6 million shares. Strong demand from domestic investors nevertheless helped the HASTC-Index gain 3.76 per cent on the week to close at 136.16.
Average daily value at the Ha Noi Securities Trading Centre reached VND730.8 billion ($41.1 million), up 1.6 per cent on the previous week, on a volume of 27 million shares. Asia Commercial Bank (ACB) was the most-active stock, with 22.5 million changing hands, followed closely by Kim Long Securities (KLS), at 19.8 million.
FPT Securities Co analysts were forecasting that the HASTC-Index would range between 130 and 145 points this week while the VN-Index could reach 406 points.
vietnamnews
|
