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Heavy trades in blue chips boost Index
Substantial buying in blue chips supported the advance of the VN-Index to 381.97 points yesterday, an increase of 2.42 per cent.
Gainers outnumbered decliners by 154 to 14.
Volume remained brisk, with 42.6 million shares changing hands, for a total value of VND1.26 trillion (US$70.8 million. Shares in market leader Sai Gon Securities Inc (SSI) accounted for 17.67 per cent of this figure.
VNDirect Securities Company's Analysis Department issued a report yesterday afternoon stating that buy orders had turned heavy at mid-session, overwhelming profit-taking pressure budding earlier in the session in reaction to the declining Dow Jones overnight Monday, local time.
Heavy demand for stocks has continued since the beginning of the month, faciliating a stable upward trend for the VN-Index and strengthening investor confidence, said the report.
Nguyen Hoang Lan of Victoria Capital said that securities investment had become less risky due to signs of improvement in the economy and a promise of higher investment earnings.
Viet Capital Securities Company, meanwhile, was recommending that investors allocate 55 per cent of their portfolio to shares and 25 per cent to bonds, holding 20 per cent as cash.
Foreign investors yesterday were responsible for the transactions of only 3.65 million shares, compared to Monday's 7,1 million but remained net buyers on the day.
In Ha Noi, the HASTC-Index yesterday gained 1.62 per cent to 132.75 points.
Total market value reached VND781.84 billion (US$43.9 million) on a volume of 28.4 million shares. Asia Commercial Bank (ACB) was the most heavily-traded share and was responsible for VND185.8 billion ($10.4 million) worth of market value on the day.
VietNamNet, VietNamNews
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