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City rally buoys VN-Index
Buys accelerated the HCM City Stock Exchange yesterday, extending the current rally and pushing the VN-Index up another 15 points to close at 469.71, an increase of 3.3 per cent.
Advancers on the southern market outnumbered decliners by 120 to 26, while trading volume doubled the previous session’s figure to reach 56.7 million shares, worth a combined VND2.14 trillion (US$120.2 million).
On the Ha Noi Stock Exchange, meanwhile, the HNX-Index also advanced by 4.16 per cent to end the day at 161.05. Trades totalled nearly VND987 billion ($55.4 million) on a volume of 27.9 million shares.
Banking shares continued to lead both markets, as Sacombank (STB) generated orders for up to 11.5 million shares, representing 19 per cent of the volume on the southern bourse, while Asia Commercial Bank accounted for 23 per cent of the volume on the northern exchange, with 6.5 million shares changing hands.
In HCM City yesterday, foreign investors also returned to being net buyers, picking up a net of 2.7 million shares, worth a combined VND157 billion ($8.8 million).
In the north, foreign investors traded only 1.6 million shares, worth a total value of VND56.9 billion ($3.2 million). Ngo Van Minh, an analyst with the Sai Gon-Ha Noi Fund Management Co, predicted the VN-Index was on its way to 480 points this week, saying it could even spike to 520 if trading volumes remained high.
"But we assess that it will be rather difficult for the Index to surpass 480," he said, noting that ‘potential sells’ by short-term investors could be significant at this point and that there was a possibility US stocks would fall again this week.
In the medium term, he said, the market was expected to return to a strong growth period at the end of the third quarter "when credit is loosened to serve the economic growth target of 5 per cent this year".
Au Viet Securities Co analysts suggested long-term investors continue to buy and pointed to such areas as rubber, construction materials and real estate.
On the unlisted public company market yesterday, the UPCoM-Index closed down 1.06 per cent to 74.37 points. The value of the day’s trades reached just VND4.1 billion on a volume of 261,400 shares. Da Nang Pharmaceutical and Healthcare Equipment gained 6.2 points, while APEC Securities led the market with about 84,400 shares traded, or 32 per cent of the total volume.
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