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US rally boosts local markets
The HCM City Stock Exchange continued its winning ways yesterday, as the VN-Index rose to 513.9 points, a gain of 1.07 per cent.
Market turnover reached VND2.1 trillion (US$118 million) on a volume of 54.52 million shares, with Sacombank (STB) responsible for 5 million of those trades.
On the Ha Noi Stock Exchange, the HNX-Index also rose 0.96 per cent to close above 160. Trading value on the northern market climbed to VND955.85 billion ($53.7 million), with 27.7 million shares changing hands. Kinh Bac Urban Development (KBC) once again claimed the spot as the most-active share, with 3.6 million traded.
"The rally on the US market overnight stimulated domestic investors to buy from the beginning of [Thursday’s] session," said Nguyen Duy Tan, a broker who asked that the name of his firm be withheld. "But heavy fluctuations on the Shanghai Stock Exchange restrained interest in major stocks."
He predicted the market would continue to fluctuate in the coming days around a supportive mark of 512. "Current strong accumulations are signalling more profit-taking is on the way, as short-term trades are the major trend now," he added.
Vietcombank Securities Co told vneconomy.vn that investors should keep an eye on the trading volume of blue chips, market volumes and foreign investors as a basis for investment decisions, taking advantage of adjusting sessions to restructure their own portfolios.
Foreign investors yesterday returned to being net buyers on both stock exchanges, with a combined volume of 1.2 million shares. Vinaconex (VCG), PVS and KBC were the shares most favoured by foreign investors in Ha Noi, while Phu My Fertiliser (DPM), Pha Lai Thermal Power (PPC) and Vinh Son-Song Hynh Hydropower (VSH) were popular stocks in HCM City.
"The happenings on global markets are impacting foreign trades as their net purchases today were moderating," said Tan, forecasting that foreigners would return to being net sellers until the global situation settled down.
"This sector’s accumulation should be a reference for long-term investors if they want to start investing now," he added.
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