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Stocks stand pat as Ha Noi suffers glitch
An increase in buys at the very end of yesterday’s session on the HCM City Stock Exchange enabled the VN-Index to stave off pressure from profit-takers earlier in the day, allowing the Index to close almost unchanged at 481.44, a gain of just 0.03 per cent.
Trading was active, with a market value of VND2.2 trillion (US$123.6 million) on a volume of 58.3 million shares. Sacombank (STB) reclaimed its spot as the most-active share, with 6.6 million shares changing hands, accounting for just over 11 per cent of total market volume.
Foreign investors were net buyers of 1.3 million shares on the HCM City market yesterday, most favouring shares in Pha Lai Thermal Power (PPC) and Hoa Phat Group (HPG).
On the Ha Noi Stock Exchange yesterday, the HNX-Index was calculated incorrectly at mid-session, but the glitch was fixed immediately to reflect real-time trading. Overall, the HNX-Index also largely stood pat on the day, closing off just two-thirds of a percentage point to 152.92.
This northern market saw 24.33 million shares change hands, worth a combined VND789.47 billion ($44.4 million). Kim Long Securities (KLS) led trading, on a volume of 2.7 million shares. Foreign investors were net sellers on the northern bourse by a net of 206,500 shares.
Dao Van Khanh, analyst with a Ha Noi-based securities company, said that capital flowing in the market was mostly from institutional investors who were strengthening purchases on the prospects for economic recovery. Maintaining long-term capital was sustaining market gains.
"The hot money from day-traders has become more limited as investors no longer outdo each other to buy shares like SSI and KLS," Khanh said.
Nguyen Quang Huy, a veteran investor in HCM City, said yesterday morning’s profit-taking was reasonable for a stock market with no significant domestic news and increasingly dependent on global market moves.
"The mix of ups and downs will help balance share prices, while interest from foreigner investors has begun to increase," Huy said.
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