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Market continues upward trend
The VN-Index started the new month on an upswing, gaining 3.59 per cent from last Friday’s session to close at 426.43, with gainers outnumbering decliners by 162 to eight and many leading shares hitting their ceiling prices.
Total value of the day’s trades on the HCM City Stock Exchange was VND1.22 trillion (US$68.7 million) on a volume of over 37.8 million shares, a figure off somewhat from recent highs.
Sacombank (STB) remained the most active share with more than 5.5 million traded, accounting for 13.58 per cent of total market volume. STB closed at VND27,800 per share.
The exchange welcomed a new listing by Sai Gon General Services Co (SVC), which moved its listing from the Ha Noi bourse. SVC’s price hit VND25,900 per share on its first day of trading in HCM City.
Foreign investors bought shares in 70 codes for a volume of 1.88 million, or 4.64 per cent of total market volume. Phu My Fertilisers (DPM) had the greatest appeal to foreign investors, who bought 283,880 shares.
Ngo Van Minh of Sai Gon-Ha Noi Fund Management Joint Stock Co said the bankruptcy of US auto giant GM could be a setback to the recovery of the US economy and expected Wall Street to react negatively once the GM filed for bankruptcy.
That, in turn, could push the VN-index down to between 350 and 370 points, Minh predicted.
Most other analysts, meanwhile, figured overseas developments such as the GM bankruptcy would have little impact on the domestic market.
Nguyen Thu Ha of Dai Duong Securities Co noted that the downward trend had continued since the second half of 2008.
Now the market was on the rebound, Ha predicted, the VN-Index would continue to gain at least through the middle of the month before facing an adjustment.
In Ha Noi yesterday, the HASTC-Index also rose by 3.77 per cent to close at 149.56. Total trading value on the northern bourse was VND776 billion on a volume of 25.7 million shares.
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