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Property popular as Index nears 500
Almost all shares in the construction and real estate development sectors hit their ceiling prices on the HCM City Stock Exchange yesterday, lifting the VN-Index to within striking distance of the psychologically-important 500-mark, but accelerated profit-taking put the brakes on the upward trend.
The Index edged up 0.61 per cent yesterday to close at 497.16, on a day of mixed but active trading.
The value of the day’s trades reached VND2.2 trillion (US$123.6 million), with the volume on the southern market rising by 17 per cent over Tuesday’s figure to 56.8 million shares.
On the Ha Noi Stock Exchange, the HNX-Index also inched up just 0.24 per cent to end the day at 156.38, although trading volume improved to nearly 28 million shares, worth a total of VND915.8 billion ($51.4 million). Mining and building material stocks proved of particular interest to investors on the northern exchange.
But it was banking shares that continued to lead overall activity on both markets yesterday. Sacombank (STB) generated orders for 5.4 million shares, representing 8 per cent of the volume on the southern bourse, while Sai Gon-Ha Noi Bank (SHB) and Asia Commercial Bank (ACB) generated orders for a combined 4.7 million shares, or 17 per cent of the volume on the northern exchange.
FPT Securities Co analysts said in their daily report that economic conditions, satisfactory corporate results and what they called "flexibly-adjusted" monetary policies were supporting the VN-Index, predicting it would reach 520 in the short term.
Market developments in recent trading days included moves in some minor sectors like snack food products, publishing and educational equipment, seafood and marine transport, said Vincom Securities Co deputy general director Phan Anh Tuan.
"These areas increased far more sharply than the average level of gains on the market and brought significant profits to short-term investors," Tuan said.
Gains in educational equipment and snack products were seasonal moves, as a new school year and the mid-autumn festival were both coming soon, he noted.
But FPT Securities analysts warned such seasonal moves signalled risky investments without "basic supporting factors".
They said the market needed a longer period of accumulated gains in major shares before it would reach new highs.
While the VN-Index had gained around 80 points during the past three weeks, shares that guide the market had been moving within narrow bands and had not yet seen any breakthroughs, agreed Tuan.
At the same time, however, major shares were solid at their new price levels, helping create conditions for firmer market recovery.
In HCM City yesterday, foreign investors finished the day as net sellers of 490,100 shares, with a net value of VND12.9 billion ($724,700), and an overall volume of 5.4 million shares. But in Ha Noi, foreigners became net buyers of 136,100 shares, worth a total of VND10.3 billion ($578,600), on an overall volume of 946,700 shares.
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