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VN-Index joins strong world rally
The VN-Index on the HCM City Stock Exchange yesterday increased another 14.68 points to close at 351.32, a rise of 4.36 per cent.
Volume nearly doubled from Monday's session to 25.1 million shares on a turnover of VND654.4 billion (US$36.4 million). Almost all stocks continued to hit the ceiling of the regulated trading band, while advancers outnumbered decliners by 157 to 16.
Hoang Anh Gia Lai Group (HAG) led the market with 1 million shares changing hands, followed by VietFund Management (VFMVF1) with 930,000 shares.
Foreign investors were more active yesterday, responsible for a trading volume of 3.3 million shares. They became net buyers of 2.1 million shares, worth VND73.4 billion ($4 million).
VNDirect Securities Co. said in its daily report that the current increases were due to signs of a rally in the world economy and stability in the domestic economy.
They were also related to the possibility that regulations would be loosened on local stock exchanges, including extended daily trading time and the ability for investors to open more than one account.
VNDirect quoted Quach Manh Hao, Investment Analysis Director at Thang Long Securities Co, as saying that strong increases on Monday - the first day of trading after the market closed for the two-day holiday - facilitated a new upward trend. Hao called 350 "a pause" before the VN-Index headed to 390.
Sai Gon Securities Inc (SSI) analysts said if the Index could surpass the psychologically important zone of 353-366 in May, it could reach 400-420. But the SSI suggested investors should keep a cautious attitude towards current market developments, as a high index level could happen only with a strong capital inflow and increases on the world stock market.
In Ha Noi yesterday, the HASTC-Index advanced jus over 5 per cent to end at 127.59 an increase of 6.1 points. Trading volume nearly tripled over the previous trading session to 24 million shares, with a total value of VND612.1 billion ($34 million).
Asia Commercial Bank regained its position as the most active on the northern market, with 3.2 million shares traded. It was followed by Bim Son Cement (BCC) and Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB) with about 1.7 million shares traded each.
vietnamnet, vietnamplus
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